This transcript details a conversation with George Soros, focusing on his investment philosophy and experiences, particularly during a period of underperformance in the early 1990s. Soros discusses his team-based approach to investing, emphasizing risk management and the shift from primarily macro investing to incorporating more individual stock analysis. He also touches on his views on the global economic system and the need for international cooperation, expressing concerns about the instability of the current global order.

Highlights

• 📈 Successful Investing Strategy: Soros attributes his long-term success to a disciplined approach, including de-leveraging during downturns and a focus on risk management, prioritizing the preservation of principal over short-term gains.
• 👨‍💼 Team-Based Approach: Soros highlights the importance of his team, emphasizing that he delegates much of the decision-making and stress associated with investment management. He sees his role more as a coach than a direct player.
• 🔄 Evolving Investment Strategy: In response to a period of underperformance, Soros and his team refined their approach, incorporating a greater focus on individual stock analysis alongside macro investing to diversify risk.
• 💰 The “Golden Age” of Capitalism: Soros expresses cautious optimism about the current state of capitalism, acknowledging its benefits but warning that the system’s current structure is built on potentially unstable foundations and lacks a robust international security system.
• 🌍 Concerns about Global Stability: Soros raises concerns about the lack of a strong international regulatory body and the resulting power vacuum, highlighting the failure of the UN to effectively address global crises and emphasizing the need for a reformed international security system.