George soros 1930 was born in Budapest. From 65438 to 0947, he moved to England and graduated from London School of Economics. 1956 went to the United States and accumulated a lot of property through the international investment fund established and managed by himself.
1979 Soros established his first foundation, the Open Society Fund, in new york. He established the first Eastern European Foundation in Hungary on 1984, and the Soviet Soros Foundation on 1987. Now, he funds the foundation network, which operates in 365,438+0 countries, covering Central and Eastern Europe, the former Soviet Union and central Eurasia, and South Africa.
Haiti, Guatemala and the United States. These foundations are committed to building and maintaining infrastructure and public facilities in an open society. Soros also established other important institutions, such as China Europe University and the International Science Foundation.
Soros received honorary doctorates from the Institute for New Society, Oxford University, Budapest University of Economics and Yale University. 1995 The University of Bologna (Italy) awarded the highest honor-Laurea Honor is Causa to Mr. Soros in recognition of his efforts to promote an open society all over the world.
Soros is the chairman of the board of directors of LCC Soros Fund, and the Private Investment Management Office confirmed that he is a consultant of Quantum Fund Group. Quantum fund is the oldest and largest fund in the quantum group, and it is generally considered as the best performance of any investment fund in the world in its 28-year history.
Soros adopts a three-dimensional speculative strategy, that is, a strategy of using multiple financial instruments to speculate and oscillate at the same time.
1。 Speculation in the spot market by using spot foreign exchange transactions is to obtain enough weak currency (Thai baht) from local bank loans or offshore market financing, and violently sell foreign currency (US dollar or Japanese yen) in the spot market, which causes the market to expect the devaluation of the currency, thus triggering subsequent selling, and then buy back the currency from the spot foreign exchange market at a low price after the devaluation to repay the loan.
2。 Speculation in the forward foreign exchange market by using forward foreign exchange transactions means buying a large number of forward contracts from local banks and shorting the weak forward currency (Thai baht). In order to avoid risks, banks will try their best to stabilize their currency positions, that is, selling money in the spot market for foreign currency will also cause the above effects. After currency devaluation, speculators (Soros) can hedge with forward contracts with the same maturity date and the same amount, or exchange foreign currency for the currency due for delivery in the spot market.
3。 The use of foreign exchange futures and options trading for shocks is similar to that of forward foreign exchange trading, and no details are given.
4。 Use the intervention of the monetary authorities to speculate. Specifically, when the monetary authorities (Thailand) encounter a large number of selling local currency, in order to maintain the exchange rate stability (Thai baht is pegged to the US dollar), they will intervene in the market to absorb the sold local currency, and at the same time raise the short-term loan interest rate in local currency, increasing the speculative cost of speculators. Both of these practices will raise the interest rate of the local currency. Speculators expect interest rates to rise sharply, so they can use interest rate swap contracts to change fixed interest rates into floating interest rates. Since rising interest rates will lead to a decline in the local stock market, speculators can also make profits by shorting local stocks.