The Alchemy of Finance

Reading the Mind of the Market

By: George Soros

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Product code: 0025
ISBN: 0471445495
384 pages
Format: Pb
Published by: John Wiley & Sons, 2003

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The Alchemy of Finance - front page cover image

Description of The Alchemy of Finance

George Soros is unquestionably one of the most powerful and profitable investors in the world today. Dubbed by BusinessWeek as "the Man who Moves Markets", Soros made a fortune competing with the British pound and remains active today in the global financial community. Now, in this special edition of the classic investment book, The Alchemy of Finance, Soros presents a theoretical and practical account of current financial trends and a new paradigm by which to understand the financial market today.

This edition's expanded and revised Introduction details Soros's innovative investment practices along with his views of the world and world order. He also describes a new paradigm for the "theory of reflexivity" which underlies his unique investment strategies. Filled with expert advice and valuable business lessons, The Alchemy of Finance reveals the timeless principles of an investing legend.

This special edition features a new chapter by Soros on the secrets of his success and a new Foreword by the Honorable Paul Volcker, former Chairman of the Federal Reserve.

The Alchemy of Finance - Chapter headings

PART 1 - Theory

1.The Theory of Reflexivity
Anti-equilibrium
The Problem of Imperfect Understanding
The Problem of Social Sciences
The Participants' Bias
The Concept of Reflexivity

2. Reflexivity in the Stock Market
3. Reflexivity in the Currency Market
4. The Credit and Regulatory Cycle

PART II - Historical Perspective

5. The International Debt Problem
6. The Collective System of Lending
7. Reagan's Imperial Circle
8. Evolution of the Banking System
9. The 'Oligopolarization' of America

PART III - The Real-Time Experiment

10. The Starting Point: August 1985
11. Phase 1: August 1985 - December 1985
12. Control Period: January 1986 - July 1986
13. Phase 2: July 1986 - November 1986
14. The Conclusion: November 1986

PART IV - Evaluation

15. The Scope for Financial Alchemy
16. The Quandary of the Social Sciences

PART V - Prescription

17. Free Markets vs Regulation
18. Toward an International Central Bank
Exchange Rates and International Debt
Oil
An International Currency
19. The Paradox of Systemic Reform
20. The Crash of '87

Authobiography of George Soros

George Soros (New York, NY) is President of Soros Fund Management and Chief Investment Advisor to Quantum Fund N.V., a $12 billion international investment fund. Besides his numerous ventures in finance, Soros is also extremely active in the worlds of education, culture, and economic aid and development through his Open Society Fund and the Soros Foundation.