George Soros founded Open Society a foundation in which he wanted to practice philanthropy after he had reached billionaire status. It was established in 1979 and pursued George Soros’s passion. He wanted to bring open societies to places around the world that had authoritarian forms of government. George Soros believes that open societies exist because we understand that the world is not perfect, and what is not perfect can be improved.
In the beginning George Soros began a project where he funded scholarships for young black students during the Apartheid Regime in South Africa to attend the University of Cape Town which was also known as the most prestigious in the country at the time. Another project that was started was to aid Eastern European’s to study abroad also around a similar time when things were difficult.
George Soros mentioned earlier in a Street.com interview that he believes that his success in the financial world has given him independence to do things that most other people cannot do. He likes to take stand against controversial issues where others cannot.
His past successes in the investment sector has made him the man to watch when making financial and investment decisions. In a recent article by The Street made mention of George Soros as he has made some interesting decisions when it came to investing. The Soros Fund Management got rid of all its energy shares of the major players Chevron, Chesapeake and NRG Energy.
Two very important reports are due this week, the EIA and the Baker Hughes Rig Count. The rig count numbers have dropped significantly since the last report on Friday, so this upcoming one does not look promising.
Another big player the World Bank also retracted its statement that it predicted the average price per barrel in 2016 would be $51, instead they now believe it will drop to $37.
George Soros is known as the man who broke the bank of England, when in earlier years he shorted the sale of $10 billion pounds which made him a staggering profit of $1 billion. This all took place in 1992 on a day known as Black Wednesday. That day saw a serious currency crisis which George Soros took advantage of. He has a current net worth of $24.4 billion so when it comes down to making the correct investment decisions, he is definitely the correct person to talk to. His energy share dump makes us believe that he knows something that others do not.
This coming week more reports will be provided which will give a better insight into what route to take. Should investors follow George Soros and look to other industries and sectors, like Biotech for example?