Know Quote by George Soros
“I'm only rich because I know when I'm wrong.”
About This Quote
Source Interview: Financial Times, 2008
Recognizing one's mistakes is key to financial success.
In simple terms: Admitting errors leads to wealth.
Key Takeaway
Embrace humility and learn from errors.
Themes
humility
learning
finance
Mood
reflective
analytical
Type
inspirational
philosophical
When to use this quote
- investment decisions
- personal finance
- career development
Key Concepts
behavioral economics
risk management
Questions to Reflect On
- What mistakes have you ignored?
- How does admitting error improve outcomes?
A Different Perspective
Overconfidence can still dominate decisions.
![“I very often used to get backaches due to the fact that I was wrong. Whenever you are wrong you have to fight or [take] flight. When [I] make the decision, the backache goes away.” quote by George Soros](https://sms4smile.com/quotes/img-quotes/d1e/george-soros-1593_backache_i-very-often-used-to-get-backaches-due-t_38205.jpg)
![“We [at Soros Fund Management] use options and more exotic derivatives sparingly. We try to catch new trends early and in later stages we try to catch trend reversals. Therefore, we tend to stabilize rather than destabilize the market. We are not doing this as a public service. It is our style of…” quote by George Soros](https://sms4smile.com/quotes/img-quotes/f33/george-soros-1593_derivatives_we-at-soros-fund-management-use-options_113322.jpg)
