Gustavo Ballvé on July 27th, 2011
Corporate Strategy, Diversified financials, Food for thought, Home, Industries, Mental models

Mr. Soros has quit managing money for others at 81 years of age and will return money to investors. Other high-profile managers have quit managing money for outsiders – including fellow billionaire Carl Icahn – at varied times for different reasons, but Mr. Soros links his decision exclusively to the new regulatory environment, more specifically the requirement to register with the SEC. Given that Quantum is returning US$ 750mm but Mr. Soros’ family retains US$ 24.5 Billion in the fund, it’s more a symbolic move than anything else. Links inside to Bloomberg, NYT and FT articles on the subject and to a bonus speech by Mr. Soros.

The Bloomberg story was the first to break out and it’s the best by far. Soros’ amazing history is not a topic today, as it would require more than a passing effort.

The Financial Times and the NYT’s Dealbook also reported on the issue, here for the record and to comply with readers’ different subscriptions.

The bonus: Soros’ General Theory of Reflexivity lecture – It’s part of the book on his lectures at the Central European University. Trying to reduce it to one sentence: “you don’t know what you don’t know”. Delving deeper and getting more practical: make sure you can live with your inevitable failures, which ultimately leads us back to our most beloved axiom:  “to finish first, first you must finish”.

Or in Steve Jobs’ famous speech (the fifth video from top to bottom): “be humble”. If you aren’t, life will inevitably humble you. The more one fights it, the more painful it will be.

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