Cover image for The alchemy of finance
The alchemy of finance
Soros, George.
Personal Author:
Publication Information:
Hoboken, N.J. : John Wiley & Sons, [2003]

Physical Description:
xx, 391 pages ; 23 cm
Subject Term:
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HG4515 .S67 2003 Adult Non-Fiction Non-Fiction Area

On Order



New chapter by Soros on the secrets to his success along with a new Preface and Introduction.

New Foreword by renowned economist Paul Volcker

"An extraordinary . . . inside look into the decision-making process of the most successful money manager of our time. Fantastic."
-- The Wall Street Journal

George Soros is unquestionably one of the most powerful and profitable investors in the world today. Dubbed by BusinessWeek as "the Man who Moves Markets," Soros made a fortune competing with the British pound and remains active today in the global financial community. Now, in this special edition of the classic investment book, The Alchemy of Finance, Soros presents a theoretical and practical account of current financial trends and a new paradigm by which to understand the financial market today. This edition's expanded and revised Introduction details Soros's innovative investment practices along with his views of the world and world order. He also describes a new paradigm for the "theory of reflexivity" which underlies his unique investment strategies. Filled with expert advice and valuable business lessons, The Alchemy of Finance reveals the timeless principles of an investing legend.

This special edition will feature a new chapter by Soros on the secrets of his success and a new Foreword by the Honorable Paul Volcker, former Chairman of the Federal Reserve.

George Soros (New York, NY) is President of Soros Fund Management and Chief Investment Advisor to Quantum Fund N.V., a $12 billion international investment fund. Besides his numerous ventures in finance, Soros is also extremely active in the worlds of education, culture, and economic aid and development through his Open Society Fund and the Soros Foundation.

Author Notes

George Soros was born in Budapest, Hungary in 1930. He moved to London to attend the London School of Economics.

After moving to the United States, Soros began a successful international investment fund. He opened his first foundation, The Open Society Fund in 1979. He also created The Eastern European Foundation is Hungary and the Soros Foundation - Soviet Union in 1987. With his great success, Soros funded a network of foundations in more than thirty countries.

Soros has also published many book including The Alchemy of Finance, Opening the Soviet Union, Soros on Soros: Staying Ahead of the Curve, and The Crisis of Global Capitalism. He has also received honorary degrees from the New School of Social Research, Oxford University, the Budapest University of Economics, and Yale University.

(Bowker Author Biography)

Table of Contents

Paul A. VolckerPaul Tudor Jones II
Foreword to the New Editionp. xi
Foreword to the First Editionp. xv
New Prefacep. xix
New Introductionp. 1
Part 1 Theory
1. Reflexivity in the Stock Marketp. 49
2. Reflexivity in the Currency Marketp. 73
3. The Credit and Regulatory Cyclep. 85
Part 2 Historical Perspective
4. The International Debt Problemp. 95
5. The Collective System of Lendingp. 107
6. Reagan's Imperial Circlep. 115
7. Evolution of the Banking Systemp. 123
8. The "Oligopolarization" of Americap. 133
Part 3 The Real-Time Experiment
9. The Starting Point: August 1985p. 145
10. Phase 1: August 1985-December 1985p. 153
11. Control Period: January 1986-July 1986p. 201
12. Phase 2: July 1986-November 1986p. 241
13. The Conclusion: November 1986p. 295
Part 4 Evaluation
14. The Scope for Financial Alchemy: An Evaluation of the Experimentp. 307
15. The Quandary of the Social Sciencesp. 317
Part 5 Prescription
16. Free Markets Versus Regulationp. 325
17. Toward an International Central Bankp. 333
18. The Paradox of Systemic Reformp. 351
19. The Crash of '87p. 355
Epiloguep. 371
Notesp. 377
Appendixp. 381