Staying Ahead of the Curve

I finished reading Soros on Soros a couple weeks back. I enjoyed the book, though I admit to get bored towards the end and skipping pages.

”One should own stocks when they have successfully paused a difficult test, but one should avoid them during the test.” p50

If I had understood that timely advice prior to my recent investments in the financial sector I would be better off today. Fortunately, I had employed a dollar cost averaging or time based investment strategy. To remove fear and greed from the equation I planned to invest equal amounts over a ten month period in financial sector companies. I had stopped the averaging prior to reading Soros, as I realised that despite being a possible great opportunity, financials were not in my wheelhouse.

Soros wanted to write more than a finance investing book and succeeded in doing so. Whether that means the book is a success is a subjective matter and for me the answer is no. I immensely enjoyed the first third of the book and found much to think about. The rest of the book was of less interest and at times a struggle.

Other passages with resonance:

“To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride. Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes.

That our understanding of the world in which we live is inherently imperfect. There is always a discrepancy between the participant’s views and expectations and the actual state of affairs.

and my personal wealth had grown to roughly $25 million, I determined after some reflection that I had enough money. After a great deal of thinking, I came to the conclusion that what really mattered to me was the concept of an open society.

the main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don’t have much personal use for money. But I hate to think what would have happened if I hadn’t made money: My ideas would not have gotten much play.”

I was struck by the similarities between Soros and myself. I enjoyed the insights into his mind and the timeless investing wisdom he shares in an accessible interview style. It is good to know that those of us with passion for ideas and a disinterest in details can succeed in the financial marketplace.