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The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means
by: George Soros

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Binding: Hardcover
Dewey Decimal Number: 332.0973
EAN: 9781586486839
ISBN: 1586486837
Label: PublicAffairs
Manufacturer: PublicAffairs
Number Of Items: 1
Number Of Pages: 208
Publication Date: May 05, 2008
Publisher: PublicAffairs
Sales Rank: 1027
Studio: PublicAffairs

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In the midst of the most serious financial upheaval since the Great Depression, legendary financier George Soros explores the origins of the crisis and its implications for the future. Soros, whose breadth of experience in financial markets is unrivaled, places the current crisis in the context of decades of study of how individuals and institutions handle the boom and bust cycles that now dominate global economic activity. “This is the worst financial crisis since the 1930s,” writes Soros in characterizing the scale of financial distress spreading across Wall Street and other financial centers around the world. In a concise essay that combines practical insight with philosophical depth, Soros makes an invaluable contribution to our understanding of the great credit crisis and its implications for our nation and the world.

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- Practical insights and new rules from George Soros
Legendary financier George Soros is worried. The financial markets face the worst credit crisis since the Depression and their existing paradigm needs to be replaced. The new paradigm Soros recommends is based on what he calls the "theory of reflexivity." This book-length essay provides a crash course in the billionaire investor's philosophy and view of financial markets, the origins and consequences of the current credit crunch, the boom-bust model and the behavior of market participants. Soros intersperses his market analysis with enough personal details from his early life and career to keep the book lively. He is also quite vocal in his political beliefs; Democrats will probably appreciate the case he makes against President George W. Bush's administration and its policies. One weakness of the book, other than its repetitiveness as Soros explains his theory, is that he relies heavily on technical and financial ... Read More

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- Amateur philosophy by a speculator whose success has gone to his head
The core idea of this book is a concept that Soros calls "reflexivity". He describes this concept as "a two way connection between participants' thinking and the situation in which they participate." Reflexivity in the financial markets, according to Soros, leads to "an element of uncertainty in the course of events that is absent from natural phenomena."

What Soros fails to explain is why the uncertainties caused by reflexivity are special and need to be treated differently from other uncertainties in the financial markets (and in life) that we take for granted. No one believes that financial markets behave deterministically. Much of the activitiy in the financial world aims at measuring and allocating risks of all sorts, including those that arise from behavior that is widely acknowledged as psychologically driven.
The New Paradigm for Financial Markets (Soros)

Thus, despite ... Read More

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- No Holy Grail
Having read all of the Soros books I would say this is less convoluted and less disappointing than most. If you are looking for concrete investment ideas prepare to be let down. Interesting discussion of markets and the current crisis in particular-as the title suggests Soros is bearish and not without good reason. Only time will tell if he got it right this time.

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- superbubble worry, but it is heuristic
Soros' little book is a delightful read due to an exceptional sincerity and intellectual honesty. His youthful curiosity and seemingly consuming desire for philosophical debate is disarming and infectious but also a bit narcissistic, as student "bull sessions" tend to be. In fact, the two smiling photographs of him at the end of the book corroborate the aura of a person eager and happy for philosophical discourse and being entertained by and thoroughly enjoying a reciprocal and progressive discussion.

He admits trying to be a philosopher who worked out a new theory, reflexivity, that is to say humans engage in two functions: l. cognitive objective analysis and 2. manipulative and subjective actions designed to evoke change and personal benefits. The two functions interact, hence reflexivity.

Karl Popper was Soros' philosophical mentor at LSE, and Soros denies Popper's Unity of Method, ... Read More

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