George Soros Sells Stocks, Buys More Gold, Why Investors Should Care
Legendary investor George Soros sold 37% of his long stock exposure last quarter and bought a lot more gold (and gold stocks).
Soros, who made his fortune over the last few decades from his macro views on capital markets, is now worried about the global economy and is bullish on gold. Earlier this year, Soros publicly made the case that China is in trouble and it reminds him of the U.S. in 2007-early 2008- before the big 2008 financial crisis. When big legendary investors act, history shows us, it is wise to listen.
Here’s a brief history on Soros.
The Hungarian-American investor and philanthropist, 85, is chairman of Soros Fund Management, a private family office he created about five years ago after closing his hedge fund and returning capital to his investors. Soros is best known as “The Man Who Broke the Bank of England” because he shorted $10 billion worth of British pounds, making him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis.
