In a recent article by The Street, some more of George Soros investment strategies were highlighted. The star investor has made decisions in the past like short selling 10 billion dollars worth of the British Pound and walking away with 1 billion dollars in profit. This event made Soros well known as the man who broke the Bank of England. Because of moves like these, George Soros is worth 24.4 billion dollars now.
His most recent move was to sell out stocks in the energy industry. Soros Fund Management sold out completely on Chesapeake Enegery, NRG Energy and Chevron. The Street then debated whether investors should follow Soros’ move or whether they should wait for more figures from companies to come out over the coming weeks. One of the main concerns is the fluctuation in oil prices. In less than 2 years, the price of a barrel of oil has dropped 73 percent to 29 dollars per barrel. This drop also effected the S&P 500, which has a third of its capital expenditures in the energy sector. This will also likely effect the American economy because the U.S. has 9 million jobs in the energy industry and losing those jobs would severely hurt the economy.
George Soros has not only seen success in the financial world, but also in the philanthropic. In 1979, Soros founded the Open Society Foundations. This foundation is now in over 100 countries and is effecting change in all of them. Soros started the foundation out by providing xerox machines to Eastern European dissident who wanted to bring down the Eastern Bloc. He also raised tuition for black students to go to university in apartheid South Africa.
Soros is now concentrating on the crisis in the European Union. His fear is that the refugee influx might destroy the principles that the E.U. was built on.
Soros got the inspiration for this charity because of his childhood. He grew up as a jew in a Nazi occupied country, Hungary. The country then changed to communism at the end of World War II. These oppressive regimes taught Soros that he wanted to spread freedom and transparency in the world to combat this sort of oppression.
In order to start putting this into action, Soros fled in 1947 and attended the London School of Economics. To get through school, Soros worked as both a railroad porter and a waiter. After graduating, he stayed in London and worked for a short period and he then moved to America were for roughly 2 decades he worked for different investment firms like Wertheim and Co.
If you would like to read the full article by The Street, please click here: http://www.thestreet.com/story/13465588/2/week-ahead-in-energy-does-george-soros-know-something-we-don-t.html