47 citations intemporelles sur l'investissement et la vie
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."
— George Soros
"Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected."
— George Soros
"The worse a situation becomes, the less it takes to turn it around, and the bigger the upside."
— George Soros
"Markets are not efficient; they are reflexive. Participant perceptions and market fundamentals influence each other in a circular feedback loop, creating trends that can become self-reinforcing until they inevitably reverse."Lire l'Analyse Complète →
"The prevailing wisdom is always wrong. Find the flaw in the prevailing bias and bet against it when conditions change. The bigger the flaw in conventional thinking, the bigger the opportunity."Lire l'Analyse Complète →
"My approach works not by making valid predictions but by allowing me to correct false ones. I am only rich because I know when I am wrong. Play to survive first, then to make money."Lire l'Analyse Complète →
"Start with a hypothesis about market behavior, then test it with a small position. If the market confirms your hypothesis, add to your position. If it contradicts you, cut quickly and reassess."Lire l'Analyse Complète →
"Markets are always in a state of uncertainty and flux. The biggest opportunities arise in conditions far from equilibrium, when extreme events unfold and the system becomes unstable."Lire l'Analyse Complète →
"Our understanding of the world is inherently imperfect. We must accept fallibility as a fundamental human condition and incorporate it into our investment process."Lire l'Analyse Complète →
"When you have a high-conviction trade and the market moves against you initially, that is often the best time to add to your position—provided your fundamental thesis remains intact."Lire l'Analyse Complète →
"Sometimes the best way to learn about an investment is to have a stake in it. A small initial position sharpens your focus and motivates deeper research."Lire l'Analyse Complète →
"Markets follow a boom-bust sequence: a trend emerges, gains momentum as it reinforces itself, becomes unsustainable, and eventually reverses. Identify which stage you are in."Lire l'Analyse Complète →
"Never overpay for a security, no matter how exciting the story. The price you pay determines your return. Discipline in valuation is the foundation of investment success."Lire l'Analyse Complète →
"Always estimate the intrinsic value of a business before investing. Compare price to value, not price to past price. The gap between price and value is where profits are made."Lire l'Analyse Complète →
"Use conservative assumptions in your valuation. Optimistic projections lead to overpaying. It is better to underestimate value and be pleasantly surprised than to overestimate and be disappointed."Lire l'Analyse Complète →
"Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."Lire l'Analyse Complète →
"Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."Lire l'Analyse Complète →
"Not all earnings are equal. Look for recurring, cash-backed earnings rather than accounting profits. High-quality earnings are predictable, sustainable, and convertible to free cash flow."Lire l'Analyse Complète →
"The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."Lire l'Analyse Complète →
"Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."Lire l'Analyse Complète →
"Expand your circle of competence gradually over time. Each new area of expertise adds potential opportunities, but only if mastered thoroughly."Lire l'Analyse Complète →
"Before considering how much you can make, consider how much you can lose. Risk management is not about avoiding risk entirely, but about understanding and controlling it."Lire l'Analyse Complète →
"The size of your position should reflect your conviction and the risk involved. Never bet so large that a single mistake can wipe out your portfolio."Lire l'Analyse Complète →
"In a world obsessed with quarterly results, patience is the ultimate competitive advantage. Great investments often take years to play out fully."Lire l'Analyse Complète →
"Compound interest is the eighth wonder of the world. Those who understand it earn it; those who don't, pay it. Time is the most valuable asset in investing."Lire l'Analyse Complète →
"Think in decades, not days. The market rewards patient capital and punishes impatience. Most of the gains in investing come from sitting and waiting."Lire l'Analyse Complète →
"The cardinal rule of investing: buy only when the price is significantly below your conservative estimate of intrinsic value. This builds in protection against error."Lire l'Analyse Complète →
"Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."Lire l'Analyse Complète →
"Regularly review whether your original reasons for owning a stock still hold. If the facts change, change your mind. Holding a broken thesis is the costliest mistake."Lire l'Analyse Complète →
"After every sell, review the outcome. Did you sell too early, too late, or at the right time? Post-mortems on sell decisions improve future judgment."Lire l'Analyse Complète →
"Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."Lire l'Analyse Complète →
"Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."Lire l'Analyse Complète →
"Instead of asking how to succeed, ask how to avoid failure. Inverting problems often reveals insights that forward thinking misses."Lire l'Analyse Complète →
"A clear investment philosophy provides an anchor in turbulent times. Know what you believe, why you believe it, and stick to it when tested."Lire l'Analyse Complète →
"Focus on process, not outcomes. A good process can produce bad outcomes in the short run, but will generate superior results over time."Lire l'Analyse Complète →
"Develop your own investment philosophy through study and experience. Copying others without understanding why leads to confusion when strategies are tested."Lire l'Analyse Complète →
"Evaluate management by their actions, not their words. Look for a track record of capital allocation, shareholder communication, and aligned incentives."Lire l'Analyse Complète →
"Understand the industry structure before evaluating any company. Industry economics often matter more than company-specific factors in determining returns."Lire l'Analyse Complète →
"The most important skill for a CEO is capital allocation. Evaluate how management deploys capital — do they create or destroy value with their decisions?"Lire l'Analyse Complète →
"The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."Lire l'Analyse Complète →
"The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."Lire l'Analyse Complète →
"Reputation takes a lifetime to build and moments to destroy. In investing and in life, integrity is the most valuable asset you can possess."Lire l'Analyse Complète →
"The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."Lire l'Analyse Complète →
"Never invest in a business you cannot explain in simple terms. If you can't describe why a company is valuable, you don't understand it well enough to own it."Lire l'Analyse Complète →
"Look for investments where a specific catalyst will unlock value. Without a catalyst, even cheap stocks can remain undervalued indefinitely."Lire l'Analyse Complète →
"The greatest enemy of the investor is himself. Fear, greed, regret, and pride cause more losses than any economic event. Master your emotions to master the market."Lire l'Analyse Complète →
"Know the common behavioral biases that trap investors: anchoring, confirmation bias, loss aversion, and herding. Awareness is the first step to prevention."Lire l'Analyse Complète →
"The market exists to serve you, not to guide you. Use market prices to your advantage — buy when the market offers bargains and sell when it offers premiums."Lire l'Analyse Complète →
"Markets move in cycles driven by human emotion. Understanding where you are in the cycle helps you prepare for what comes next and position accordingly."Lire l'Analyse Complète →
"A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."Lire l'Analyse Complète →
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong."
Nous avons sélectionné 47 citations vérifiées de George Soros, chacune avec attribution de source et analyse approfondie.
George Soros frequently discusses value investing, risk management, and long-term thinking.