George Soros is the founder and the owner of the Quantum fund that made billions in 1992 when the Great Britain devalued its currency. George was born in Budapest, Hungary in 1930. He later fled to England in 1947 and joined London School of Economics where he graduated in 1952 with a degree in economics. He started his career by obtaining an entry level position in an investment bank in London. He later migrated to the United States where he held the position of an analyst and investment manager with a few firms including F.M Myer and Arnhold & S. Bleichroeder upto 1973 where George Soros started his own Hedge fund known as Soros Fund Management that later evolved into the famous Quantum Fund.
At Quantum Fund he successfully ran the firm making returns in excess of 30% each and every year for over two decades and on a few occasions making over 100% returns. The epitome of the success at Quantum came in September 17th 1992. The money market had speculated that Britain would have to devalue its currency and little if at all nothing could be done to save the situation. George Soros had borrowed huge funds and placed a bet of 15 billion pounds on this. The night when it announced that Britain will be exiting the ERM and floating its currency, it was huge win for George Soros together with other speculators. The value of the Quantum fund increased from 15 billion pound to over 19 billion pounds when the currency was floated. A few months later, the fund was being valued at over 22 Billion pounds. Quantum Fund on http://topics.wsj.com/person/S/george-soros/209 had made over 7 Billion pounds for the few months from the trade and the fall of the Britain Pound. Mr. Soros was guaranteed of at least 20% of the returns from the trade.
Mr. George Soros is equally a renown philanthropist. He is the chairman of The Open Society, a network of foundations and projects in over 100 countries across the globe. Through open society, he has supported paralegals and has had people who have been unlawfully held in custody for lack of legal representation access justice by having them get lawyers for representation. The foundation has equally provided school fees and university fees to thousands of promising students across the world including Roma, helped refugees from armed conflict and other groups of marginalized people.
The foundation on www.georgesoros.com/ is equally credited for having helped bring accountability and transparency to the natural resource extraction industries whose practice of paying handouts to politicians brought political unrest in many countries. Mr. Soros is famously quoted saying that his success in the financial market has given him greater independence than most people. He is undoubtedly one of the greatest investors in history.
Visit Project Syndicate to learn more about George.
The information on how Mr.Soros made Billions from the speculation on the fall of the Britain currency was published via ValueWalk.