Not all investors are losing money in the current financial collapse. Certain hedge funds managers have made huge profits by betting against the market. The biggest winner, according to a British newspaper, is George Soros, the sugardaddy of the Democratic party’s leftwing. From ‘I’m having a very good crisis,’ says Soros – who made £1billion as the world plunged into recession:
George Soros said the current economic crisis has been the culmination of his life’s work
A hedge fund manager who predicted the global credit crunch has said the financial crisis has been ‘stimulating’ and the culmination of his life’s work.
George Soros, who predicted the global financial crisis twice before, was one of the few people to anticipate and prepare for the current economic collapse.Mr Soros said his prediction meant he was better able to brace his Quantum investment fund against the global storm.
But other investors failed to take notice of his prediction and his decision to come out of retirement in 2007 to manage the fund made him $US2.9 billion. And while the financial crisis continued to deepen across the globe, the 78-year-old still managed to make $1.1 billion last year. ‘It is, in a way, the culminating point of my life’s work,’ he told national newspaper The Australian.
Soros is one of 25, top hedge fund managers from across Wall Street who have defied the credit crunch crisis to reap a total of $11.6billion (£7.9bn) last year. The managers made their profit by trading above the pain in the markets, according to Institutional Investor’s Alpha Magazine.