(John Vibes) Just over 2 decades ago banker George Soros made his most famous investment by shorting the British pound and pocketing a billion dollars in the process. Since then he has become famous for betting on stock market crashes and in some cases even rigging markets to fail for his own gain.
Just months ago,
Soros made headlines by making a billion dollar stock bet against the
S&P 500. At the time this was said to be a sign of trouble
ahead for the US economy, as Soros has seemed to have had advance
knowledge of market crashes in the past. As a result of this
reputation, investors have begun to keep a close eye on his holdings.
This week
investors took notice again when Soros sold his shares of three major
American banks, including Bank of America, JP Morgan and Citigroup.
The
Wall Street Journal reported that “George
Soros dumped his stakes in banks and went for tech and gold miners in
the first quarter, according to a filing with the Securities
and Exchange Commission Thursday.
Soros sold his holdings in Citigroup (NYSE:C) , J.P. Morgan
(NYSE:JPM) and Bank of America (NYSE:BAC)”In February 2009, Soros said the world financial system had effectively disintegrated, adding that there was no prospect of a near-term resolution to the crisis. “We witnessed the collapse of the financial system … It was placed on life support, and it’s still on life support. There’s no sign that we are anywhere near a bottom.”
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