Just because he was right on the pound years ago, does it mean the press should just parrot everything he says? Soros was completely wrong on Lehman Brothers, how come they never mention that in any of their articles?
George Soros thinks the world may be in for a long recession and that housing prices will continue to fall more than most economists expect. He thinks a "superbubble" has been forming for 25 years--and it's currently collapsing.
But he thinks Lehman Brothers is going places.
The notable philanthropist, political activist, and hedge fund investor who made a killing on smart currency bets in the 1990s, disclosed in a filing yesterday that his fund raised its stake in the troubled investment bank from 10,000 shares to 9.5 million shares during the second quarter.
The stake, worth about $188 million, comes to 1.4 percent of Lehman's outstanding shares.
Let's hope he's in it for the long haul, because the trade doesn't seem to be paying off so far. Lehman shares started the second quarter in the mid-$40s, falling to $19.81 by June 30."