索罗斯访谈.ppt

Unit ElevenGeorge Soros on Investing TEXT With an average annual return of 35 percent over 26 years, George Soros has earned the respect, and envy, of fellow investors. Here he gives his views on the game. Do you think you deserve to be considered one of the world’s greatest money managers? That’s a good question. I have to recognize that I am, in fact, up there. How long I will stay up there is another question. You’re not as active in money management today as you have been in the past. That’s why I have a chance to stay up there. The Quantum Fund has been one of the most successful investment entities since the beginning of time. One thousand dollars invested in 1969 would be worth well over two million dollars today if dividends could have been reinvested. What is so special about Quantum Fund? Unit ElevenGeorge Soros on Investing Yes. It is a rather unusual structure, because we use leverage. We position the fund to take advantage of larger trends -- we call this macro-investing -- and then, within those larger trends we also pick stocks and stock groups. I am not sure whether I am making myself clear. Let’s say we use our money to buy stocks. We pay 50 percent in cash and we borrow the other 50 percent. Against bonds we can borrow a lot more. For 1 000 we can buy at least $50 000 worth of long-term bonds. We may also sell stocks or bonds short: we borrow the securities and sell them without owning them in the hope of buying them back later cheaper. And also derivatives play a role. Do they not? Unit ElevenGeorge Soros on Investing Less than people suppose. We do use index futures, sometimes for hedging purposes, sometimes to gain market exposure either on the long or the short side. We don’t use options very much because we don’t know how to fit them into the risk exposure we are willing to live with. When you