Career
In 1956 Soros moved to New York City working as an arbitrage trader for F. M. Mayer (1956–59) and as an analyst for Wertheim & Co. (1959–63). During this period, Soros developed the theory of reflexivity based on the ideas of Karl Popper. Reflexivity posited that the valuation of any market produces a procyclical "virtuous or vicious" circle that further affects the market.
Soros' experience from 1963 to 1973 as a vice-president at Arnhold and S. Bleichroderl resulted in little enthusiasm for the job and a desire to assert himself as an investor to make reflexivity profitable. In 1967, First Eagle Funds created an opportunity for Soros to run an offshore investment fund as well as the Double Eagle hedge fund in 1969. In 1973, due to regulatory restrictions limiting his ability to run the funds, Soros resigned from his First Eagle funds. He then established the Quantum Fund in partnership with Jim Rogers, hoping to earn $500,000 after five years to support his ambitions as a writer and philosopher.
In 1970, Soros founded Soros Fund Management and became its chairman. Among those who held senior positions there at various times were Jim Rogers, Stanley Druckenmiller, Mark Schwartz, Keith Anderson, and Soros' two sons.
In August 2010, Soros bought a 4 per cent stake in the Bombay Stock Exchange (BSE) for about $35 million. In July 2011, Soros announced that he had returned funds from outside investors' money (valued at $1 billion) and instead invested funds from his $24.5 billion family fortune due to U.S. Securities and Exchange Commission disclosure rules.
Read more about this topic: George Soros
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