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Hi RTs,
http://cnnfn.com/quickenonfn/investing/wires/9905/14/soros_wg/
It says that Soros' Quantum Fund lost money because it bet against the
dollar. How could that be?! I can't believe it.
Academic macro-economic theory indeed concludes that US Dollar will
weaken against Euro, D.Mark because of current account deficit. But, if
I understand it correctly, Soros considers academic economic theories
are useless. Then, why does he follow it? Maybe it was Druckenmiller's
idea, not Soros'.
Druckenmiller could have read The Alchemy of Finance to figure it out
that US Dollar should strengthen due to capital inflow.
Good trading!
Mervin
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