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.
Table of Contents
Foreword to the New Edition
by Paul A. Volcker.
Foreword to the First
Edition by Paul Tudor Jones II.
New Preface.
New Introduction.
PART ONE: THEORY
1. Reflexivity in the Stock
Market.
2. Reflexivity in the
Currency Market.
3. The Credit and Regulatory
Cycle.
PART TWO: HISTORICAL
PERSPECTIVE.
4. The International Debt
Problem.
5. The Collective System of
Lending.
6. Reagan's Imperial
Circle.
7. Evolution of the Banking
System.
8. The
"Oligopolarization" of America.
PART THREE: THE REAL-TIME
EXPERIMENT.
9. The Starting Point:
August 1985.
10. Phase 1: August
1985-December 1985.
11. Control Period: January
186-July 1986.
12. Phase 2: July
1986-November 1986.
13. The Conclusion: November
1986.
PART FOUR: EVALUATION.
14. The Scope for Financial
Alchemy: An Evaluation of the Experiment.
15. The Quandary of the
Social Sciences.
PART FIVE: PRESCRIPTION.
16. Free Markets Versus
Regulation.
17. Toward an International
Central Bank.
18. The Paradox of Systemic
Reform.
19. The Crash of '87.
Epilogue.
Notes.
Appendix
390 pages