Billionaire hedge fund manager, George Soros best known for breaking the Bank of England in 1992, was unable to repeat that feat with his bets following the election of Donald Trump. Rather he lost $1 billion dollars.

Soros who returned trading in 2016 for his family firm Soros Management LLC took a bearish position in November 2016 during the US presidential elections. He then increased his bets after Trump won the election. The Dow Jones Industrial Average (DJIA) instead rallied 9.3%. Mr Soros, exited many of his bets to avoid further losses.Long term investments held by his firm enabled it to end last year up 5%.

Soros made a profit of around 1 billion pounds after short selling the pound in 1992, on the premise that the British Government would devalue the pound and then exit the Exchange Rate Mechanism (ERT). A system whereby countries in the European Union (EU) fixed their exchange rates. Britain fixed their exchange rate. His bet was estimated to be about 10 billion pounds. Which he then converted into Italian lira and Deutsche Marks

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(Culled from zerohedge.com)

1 COMMENT

  1. Did George soro break the bank of England ? he did nothing, and he was not running soros fund when his fund was betting on the bank of England.The analysis,intiative,intellect capacity was done by somebody else.it was done by the chap,who he hired to run,i forget his name ,I think his name started with mark and he was a german-american name.mr soro was not in daily running of this business.
    before the creating of the single Euro,various European were asked to bring their currency with in a comfortable currency bracket.i.e to shadow the german mark,as it’s the strongest economy in Europe.they could not meet the condition,so is Britain as brtain cannot meet the condition,because they were running a deficit balance of trade,and it’s manufacturind is being reduced due to Mrs Tatcher reform.so if they forces to merge with market instrument.SOMETHING WILL GIVE WAY, through the british angle,they uses scare foreign reserve to shore-up or meet the conditons.,the country which could do it successful will be Germany,as Germany have the means to do the job
    At one point they realised they were wasting their time,and abandoned the project.Mr soro was chasing a phantom philosophical misadventure in his an open society

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