George Soros Episod 3 - The Renaisance part 2

In 1956, Soros moved to New York City, where he worked as an arbitrage trader with F. M. Mayer (1956–59) and as an analyst with Wertheim & Co. (1959–63). Throughout this time, Soros developed a philosophy of reflexivity based on the ideas of Karl Popper. Reflexivity, as used by Soros, is the belief that the action of beholding the valuation of any market, by its participants, affects said valuation of the market in a procyclical "virtuous or vicious" circle.

Soros realized, however, that he would not make any money from the concept of reflexivity until he went into investing on his own. He began to investigate how to deal in investments. From 1963 to 1973, he worked at Arnhold and S. Bleichroder, where he attained the position of Vice-President. Soros finally concluded that he was a better investor than he was a philosopher or an executive. In 1967, he persuaded the company to set up First Eagle, an offshore investment fund for him to run; and, in 1969, it founded the Double Eagle hedge fund for him.

In 1973, when investment regulations restricted his ability to run the funds as he wished, he resigned his position and established a private investment company, which evolved into the Quantum Fund. He has stated that his intent was to earn enough money on Wall Street to support himself as an author and philosopher – he calculated that $500,000 after five years would be possible and adequate. He also once had a small stake in the Carlyle Group


Reference :
www.wikipedia.org