George Soros is one of those bigger-than-life investors who knows how to play the capitalistic game. Soros is the 29th wealthiest person on the planet. His more than $28 billion fortune is the culmination of incredible investments and extraordinary risks in the hedge fund arena. Soros is not just a good hedge fund manager. He is one of the best hedge fund managers in the world. And he is one of the most generous people alive. Mr. Soros just gave the Open Society Foundation almost $18 billion, according to Open Society officials. That means the foundation George started in 1979 now holds most of his wealth. The only philanthropic foundation that has more assets than the Open Society is the Bill and Melinda Gates Foundation and read full article.
Now that the foundation has the money, the chairman and the society’s investment committee will develop strategies along with George Soros. The committee and the chairman are not traders. They are allocators of capital. The foundation supports more than 100 organizations around the world. The chairman, Dawn Fitzpatrick, does not report to Mr. Soros. She reports to the foundation’s investment committee. Mr. Soros set up the investment committee and the chairman, so they could call the investment shots once he moves on. The 87-year-old humanitarian is in good health, but Soros always has a plan, and this move will guarantee the longevity of the foundation and learn more about George Soros.
The George Soros story is the tale of an extremely driven man who, through adversity, found his calling in life. After fleeing Nazi-occupied Hungary in 1944, Soros began waiting tables in London to make ends meet, and he was able to pass the entrance exam for the London School of economics during those years. Soros, a philosophy major, didn’t waste any time finding a philosophy he could call his own. That philosophy was the same ideology that Karl Popper promoted. Popper promoted the concept of an Open Society. An open society, according to Popper, is a society that is free and has Democratic governance. In other words, individuals have rights, and they function without the fear of unjust government intervention or repercussions. The Open Society foundation supports and promotes Democratic values in countries that do not govern that way and George Soros’s lacrosse camp.
Soros will not use the $18 billion he gave to the society for investment purposes, according to people close to the situation. Mr. Soros has enough money within the Soros firm to make billions more. In fact, Soros is betting a chunk of the firm’s money (which is all family money) on a Chinese currency devaluation. Soros believes China will devalue their currency because of too much uncollectible bank debt. They will have to use reserves to satisfy those debts. The last time George bet on a currency devaluation he put $1 billion in his pocket. That was in the 1990s.