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How George Soros Made Billions in 1992

George Soros is a hedge fund billionaire who made billions by betting against the U.K pound. His predictions on http://www.georgesoros.com/ came true when the U.K floated its currency. This prediction happened in 1992 when Britain was experiencing one of its worst financial devaluation. Before 1992 there were signs that the Britain pound was not doing so well. Financial honchos like George Soros saw the looming devaluation and betted big against the pound. They risked a lot of money George Soros in particular committed over $ 15 billion into this endeavor. If he was to be wrong he would lose his money and a chain of investors who were represented by his hedge fund.

The British central bank tried to breathe some life into the deteriorating pound to no avail. Measures such as interest rates hikes and currency purchase did not help. It was evident that Britain would have to devalue its currency and in so doing would exit the ERM. This was a moment of awakening for George Soros his predictions were slowly falling into place and there was nothing that was going to change his lucky charm. It was at around 7: 30 P.m that his predictions would fall through earning him a place in financial history. At that point the then British finance minister announced the devaluation of the British pound. Many people defined that particular period as “black Wednesday” but to George Soros this represented a defining moment for his hedge fund. The pound lost 15% of its value against the Deutschmark and ceded another 25% to the U.S dollar. Over a fortnight his quantum fund had risen by $ 4 billion a few weeks later the fund was worth a whopping $ 22 billion dollars. The effect of this is that the fund accumulated over $ 7 billion dollars earning George Soros an approximate of over $ 1.4 billion in profit. He was able to refund the money owed and the amount used by his hedge fund and get a billion extra worth of profits.

For the newbies in the financial world George Soros is an investment wizard who is the founder and CEO of his hedge fund which he founded in the 1970s. According to Investopedia he is ranked 17th on the all best investment list. According to the same source he fled Hungary which was facing civil strife and Soviet backed dictatorship in 1947. According to Bloomberg he has used his investment style to predict another looming financial disaster which could be compared to the 2007-2008 financial crisis. Read more at http://topics.wsj.com/person/S/george-soros/209

According to Investopedia he asked to be described as a financial philanthropist and a philosophical speculator. True to his description he has founded several philanthropic societies. One of them which is known as Open Society Foundation lists him as its founder and chairman.



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