Absolutely fascinating rendition of the events that lead to the collapse of the British Pound and how George Soros and team pulled it off. Ask yourself, when you are right, is there no such thing as betting too much, or do you pile on as hard as possible?
"Druckenmiller walked into Soros's office and told him it was time to move. He had held a $1.5 billion bet against the pound since August, but now the endgame was coming and he would build on the position steadily.
Soros listened and looked puzzled. 'That doesn't make sense,' he objected.
'What do you mean?' Druckenmiller asked.
Well, Soros responded, if the Schlesinger quotes were accurate, why just build steadily? 'Go for the jugular,' Soros advised him.
Druckenmiller could see that Soros was right: Indeed, this was the man's genius. Druckenmiller had done the analysis, understood the politics, and seen the trigger for the trade; but Soros was the one who sensed that this was the moment to go nuclear. When you knew you were right, there was no such thing as betting too much. You piled on as hard as possible."
Soros listened and looked puzzled. 'That doesn't make sense,' he objected.
'What do you mean?' Druckenmiller asked.
Well, Soros responded, if the Schlesinger quotes were accurate, why just build steadily? 'Go for the jugular,' Soros advised him.
Druckenmiller could see that Soros was right: Indeed, this was the man's genius. Druckenmiller had done the analysis, understood the politics, and seen the trigger for the trade; but Soros was the one who sensed that this was the moment to go nuclear. When you knew you were right, there was no such thing as betting too much. You piled on as hard as possible."
and it begins...
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