Soros: We still don’t understand financial markets
Worldwide, Daily news | ankakh | January 26, 2013 22:16
Billionaire financier George Soros told the Davos forum on Saturday that financial markets were still poorly understood despite moves to limit more complex products after the crisis.
Soros told a packed audience of the world’s business and political elite in the Swiss ski resort that the established theory of how markets functioned “had collapsed.”
“The unfortunate fact is that … we haven’t actually got a proper understanding of how financial markets operate,” said Soros, who made his fortune, estimated by Forbes Magazine at some $19 billion (14 billion euros), gambling on the markets.
“Now we have introduced synthetic instruments, invented derivatives where we don’t fully understand the effect they have,” added the 82-year-old, referring to complex financial products.
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