📖George Soros
Patience Is Alpha
Patience is the ultimate competitive advantage.
In a world obsessed with quarterly results, patience is the ultimate competitive advantage. Great investments often take years to play out fully.
🏠 Everyday Analogy
📖 Core Interpretation
George Soros frames investing as a compounding game. Time amplifies quality and discipline, while unnecessary activity often destroys long-horizon returns.
💎 Key Insight：Long-term orientation creates opportunities others miss.
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❓ Why It Matters
Short-term noise often forces investors out before value is realized. Long-term discipline increases the odds that fundamentals, not emotions, drive outcomes.
🎯 How to Practice
Extend research and review horizon, reduce unnecessary turnover, and adjust only when intrinsic value, risk, or opportunity cost materially changes.
⚠️ Common Pitfalls
Calling it long term while never reviewing thesis
Overtrading and damaging compounding
Ignoring opportunity cost and alternatives
📚 Case Studies
1
Black Wednesday Short (1992)
Soros hypothesized the British pound could not stay in the ERM band and would be forced to devalue.
✨ Outcome：Built a massive short position against the pound; when devaluation hit, his fund reportedly profited about $1 billion.
2
Asian Financial Crisis Baht Bet (1997)
He hypothesized Thai authorities could not sustain the baht’s peg amid rising external debt and capital flight.
✨ Outcome：Short positions on the baht and related assets profited when Thailand devalued and regional markets sold off sharply.
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