Soros and Rogers used to be partners. When they were at loggerheads, the quantum fund had the best return, which exceeded that of Peter Lynch and Buffett in the same period. (1970, Rogers and Soros jointly founded the Quantum Fund. During his ten years in Quantum Fund, the compound income of Quantum Fund was as high as 37%, exceeding Buffett's 29% and Peter Lynch's 30%. ), it's really hard to say which of them has higher investment skills. However, their fame stems from high-leverage trading, which is closer to the essence of investment than low-leverage trading: the former needs a balance between risk control and profit growth, and a slight carelessness may lead to overall losses. Jesse David Livermore went bankrupt four times in his memoir "Stock Handwriting", and Gann, a master of technical analysis, also lost to highly leveraged trading. Who can profit from highly leveraged trading for a long time, who is the real king of the investment community.
Highly leveraged trading is becoming more and more complicated, futures and spot hedging, options and futures hedging, options are too complicated derivatives. The belief circulating in the futures trading market is: the market is always right, don't go against the trend. Because high leverage magnifies the risk, it is necessary to judge the trend, time window and fluctuation range extremely accurately. But the fluctuation of the market is uncontrollable, and most traders choose the strategy of following the market. Soros put forward the theory of reflexivity. He believes that because investors' market blindness is often wrong, traders should make use of market errors to trade. Reflexivity theory is the basis of Soros's foreign exchange trading. Rogers used value investment in the futures market, mainly trend trading. He often sees the long-term value growth trend of a commodity and then carries out medium-term operation. Because the foreign exchange market is too grand and complicated, and the operation is more difficult, it is difficult for Soros to become the market leader as in the 1990s. Rogers predicted that there would still be a bull market in the commodity market in the future. I think Rogers may still be in the forefront of the times in the 2 1 century, especially as he is the most optimistic about the economic future of China among the three traders. Another characteristic of Rogers is that he travels around the world. He is more active than Buffett. Although Soros has a grand vision, some of them are high above him, while Rogers set foot on every land where investment opportunities may appear on his own feet. I am more optimistic about Rogers, but Soros's investment in HNA shows that he has unlimited potential, and he sometimes plays the role of an equity investor.