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The Alchemy of Finance: Reading the Mind of the Market



The Alchemy of Finance: Reading the Mind of the Market

George Soros

ISBN: 978-0-471-04313-3 May 1994 367 Pages


Critical Praise . . .

"The Alchemy joins Reminiscences of a Stock Operator as a timelessinstructional guide of the marketplace." - Paul Tudor Jones fromthe Foreword

"An extraordinary . . . inside look into the decision-makingprocess of the most successful money manager of our time.Fantastic."- The Wall Street Journal

"A breathtakingly brilliant book. Soros is one of the core ofmasters . . . who can actually begin to digest the astonishingcomplexity . . . of the game of finance in recent years."-Esquire

"A seminal investment book . . . it should be read, underlined, andthought about page-by-page, concept-by-idea. . . . He's the bestpure investor ever . . . probably the finest analyst of the worldin our time." - Barton M. Biggs, Morgan Stanley

George Soros is unquestionably the most powerful and profitableinvestor in the world today. Dubbed by BusinessWeek as "The Man WhoMoves Markets," Soros has made a billion dollars going up againstthe British pound. Soros is not merely a man of finance, but athinker to reckon with as well. Now, in The Alchemy of Finance,this extraordinary man reveals the investment strategies that havemade him "a superstar among money managers" (The New York Times).

The Theory of Reflexivity.

Reflexivity in the Stock Market.

Reflexivity in the Currency Market.

The Credit and Regulatory Cycle.


The International Debt Problem.

The Collective System of Lending.

Reagan's Imperial Circle.

Evolution of the Banking System.

The ``Oligopolarization'' of America.


The Starting Point: August 1985.

Phase 1: August 1985--December 1985.

Control Period: January 1986--July 1986.

Phase 2: July 1986--November 1986.

The Conclusion: November 1986.


The Scope for Financial Alchemy: An Evaluation of theExperiment.

The Quandary of the Social Sciences.


Free Markets Versus Regulation.

Toward an International Central Bank.

The Paradox of Systemic Reform.

The Crash of '87.