Review of Soros on Soros from George Soros, Byron Wien & Krisztina Koenen

The legendary investor George Soros stands high and mighty in the world of finance and philanthropy. I was very impressed by his first book The Alchemy of Finance and he ranks as one of my favorite investors and financiers in history. His intellectual works, philanthropic efforts, influence in political activity and his dedication to Sir Karl Popper’s Open Society concepts says a lot more of his character than just his famous reputation as a shrewd billionaire investor. These are also reasons why I like Soros over Warren Buffett.

This book is an easy read, and it puts the reader into an imaginative scenario alike to one having a cup of coffee with Soros himself. Wien and Koenen interviewed Soros and the book is formatted into a Question-And-Answer format. The book is split into two parts; the first part on his investing philosophy and practice, and the second part on his philanthropy and political activity. There is also an appendix included –  a collection of essays from Soros himself on Open Societies, European Disintegration (this book is a 1996 book mind you!) and on Hedge Funds and Dynamic Hedging.

The interviewers explored Soros’ concept of Reflexivity and his building of Open Society Foundations in Eastern Europe following the fall of the Iron Curtain.

It is useful for anyone who wants to understand the man and his works and thinking. Mark Tier in his book, The Winning Investment Habits of Warren Buffett & George Soros, recommended Soros on Soros for anyone interested in understanding Soros as his other books are generally quite tough to go through and understand for the average reader.

Personally, I feel that though this book is a good start, it is only a beginning. It is too brief on his concepts which he reiterates in his other books, and it certainly does not do justice to his theory of Reflexivity.

If you could understand what Soros is trying to say in The Alchemy of Finance you might not need to catch this. However, the second part of this book would be for the reader who wants to understand more of his philanthropy and political activities.

Ferdinand’s Rating: 3.5/5

Michael Lewis: Boomerang

Renowned journalist and author of ‘The Big Short’, ‘Moneyball’ and ‘Liar’s Poker’ Michael Lewis is back with this short compelling tale of the sovereign debt crisis plaguing the Core nations! With his typical wit and fascinating storytelling skills, Lewis brings the reader on a journey through his experiences in the United States, Iceland, Greece, Ireland and Germany with his many interviews of people including Iceland’s ex prime minister Geir Haarde, hedge fund manager Kyle Bass and German deputy minister of finance, Jörg Asmussen.

Lewis follows the journey of cheap credit that rolled across the planet following the Dot Com bust and the NASDAQ crash all the way to the post Lehman Brothers’ collapse. He argues that this tsunami of cheap credit was more than a simple financial phenomenon. “It was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge.”

‘Boomerang’ is a wonderful and easy read and it offers an insight into the governments handling their sovereign debt issues ever since they take on the support of the failed financial institutions in the aftermath of the 2008 Credit Crunch. Lewis is on the ground, and he explains succinctly and avidly for the layman on the street, offering all a chance to understand this issue as it is. One could also get a hint from Lewis on the increasing lack of confidence of the solvency of the PIGS that is manifested by investors’ sentiment in the financial markets. However, it might not be in depth enough for the serious reader of finance and economics who is seeking to understand these prevalent issues.

With cynical jokes, political incorrectness and his lucid style, this book would be enjoyed by anyone of any age. It is no wonder why it is a New York Times bestseller. Highly recommended!

Ferdinand’s Rating: 4/5