George Soros is a smart guy and my library contains the majority of his writings. Although we differ dramatically in political leanings and net worth (by billions) I have great respect for his market intelligence. Although his firm was credited with making a billion dollars in one day on a bet against the English pound, the trade was profitable only because of the complex currency play with the German mark. That trade was a trade with massive leverage, not a chance foray into the realm of high finance for the average trader.
I agree totally with his current analysis of the counter-party risk in derivative swaps.
There are some huge firms that are behind the eight ball in their clearing operations that will be hit so hard Congress won't have a clue where to start when it unwinds.
Just wait and watch. It's about as unregulated as Panama City Beach on Spring Break.
Parisian Family Office, Founder & CEO. Started Wall Street, '82. Drexel Burnham alum in LaJolla, CA. Founded Native American Advisors, Chippewa Partners. '95. Chippewa. Conservative. Raised on reservations. Was NYSE/FINRA arbitrator. Trading O'Neil/CANSLIM methodology at PAMELOT, TN farm, GHOST RANCH, MT, on the Yellowstone River, or CASA TULE', their winter camp in Los Cabos, Mexico. Will always be, a relentless optimist with radical gratitude.
Parisian Family Office, Founder & CEO. Started Wall Street, '82. Drexel Burnham alum in LaJolla, CA. Founded Native American Advisors, Chippewa Partners. '95. Chippewa. Conservative. Raised on reservations. Was NYSE/FINRA arbitrator. Trading O'Neil/CANSLIM methodology at PAMELOT, TN farm, GHOST RANCH, MT, on the Yellowstone River, or CASA TULE', their winter camp in Los Cabos, Mexico. Will always be, a relentless optimist with radical gratitude.
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