The Street published an article about Soros Fund Management and some recent moves it made in several stocks. The fund sold out of NRG Energy, Chesapeake Energy and Chevron. These companies are among a few who are only set to reveal their earnings report at the end of this week. The article went on to say that while George Soros had been extremely successful in his investment decisions, this was too big a move for other, non-billionair, investors to follow. It would be safer to wait until the new figures are revealed to make any big decisions.
The looming question that the article kept bringing up was what George Soros and his firm might know that led them to dump all of those stocks. The article brought up the obvious indicators that might have led to the sell out. The major one is the turmoil in the energy sector. Energy prices have been fluctuating to extremes. Saudi Arabia and Russia tried to fix the problem by coming to an agreement to stop oil production. This would allow the price to rise back up. However, Iran has been suffering through years of sanctions and they have refused to freeze their oil production and sale. The price of a single barrel of oil has dropped by 73 percent since the summer of 2014.
George Soros gained his fame through brilliant investment decisions. He was well known for creating incredible returns for his clients. These numbers often times fell between 30 and 100 percent. One of his most famous investments was his bet against the British Pound in the 1990s. He made 1 billion dollars from that singular deal.
However, Soros has used his fame and his wealth to do good. In the 1980s, Soros decided to pursue philanthropy and formed his own charity, the Open Society Foundations. The charity started out as a way to level the playing field for the underdog in society. Soros provided black South African students with tuition for university. He also sent xerox machines to the Eastern Bloc so that dissidents could copy materials to spread their message. Soros then turned the charity into one that strove for increased human rights for everyone, more transparent government and more open societies.
Soros concentrates on this type of philanthropy because of his past in Europe. He was born in 1930 to a jewish family in Budapest, Hungary. His childhood memories are of his family hiding their cultural identity from their Nazi occupiers. His teenage years were marked by the communist regime. When Soros was 17, he fled Hungary and attended the London School of Economics.
To read the full article from The Street, you can click here: http://www.thestreet.com/story/13465588/1/week-ahead-in-energy-does-george-soros-know-something-we-don-t.html