When George Soros speaks on Bloomberg, those who follow the financial markets listen. Soros is widely acclaimed in his industry because of his incredible knowledge and insight as well as his ability to time the markets for financial gain. One of his many notable accomplishments was his ability to turn a one-day profit of $1 billion from a currency exchange trade a few years ago, and he has many other similar accomplishments in his personal and professional life. Recently, Soros made an incredible prediction that has people talking. His statement was made in a TheStreet.com article, “When I look at the financial markets there is a serious challenge which reminds me of the crisis we had in 2008.”
A Worse Crisis Than 2008
In fact, in a subsequent article that was published by Bloomberg, he stated that he believes the upcoming crash will be worse than 2008. He cited evidence that ranges from deteriorating market conditions to China’s economic turmoil, the government debt in the United States and other countries, oil prices and several other conditions. As the markets have been on a downward spiral for most of 2016, some may say that Soros’ predictions may be correct.
What This Means for You
Soros will be the first to admit that he cannot predict markets. In fact, in a piece published by The Fool, he mentioned, “ http://www.fool.com/investing/general/2016/01/10/1-george-soros-quote-to-keep-in-mind-in-2016.aspx “The financial markets generally are unpredictable. So that one has to have different scenarios. … The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.” However, this statement must be taken in context. He believes that you must look at the market from different angles in order to come to a better realization about what may happen in the future rather than to move forward with information from one source. There are so many different factors that are leading him to make a crash prediction for the near future that it seems likely that he may be on the right track.
If you are a savvy investor, you will certainly research all of the market conditions on your own, and you make come to a similar conclusion as George Soros. He did not predict a time for a future crash, but keep in mind that it could come at any time. With this thought, you may begin preparing your financial house for a crash