Discount the obvious, bet on the unexpected
Interpretation
The quote encourages thinking beyond what is immediately apparent and taking risks on unconventional ideas.
George Soros emphasizes the importance of looking beyond what is obvious in decision-making and investment. By betting on unexpected outcomes, individuals can uncover opportunities that others overlook, allowing for a greater chance of success in uncertain environments.
In practice
In a business meeting while discussing future investments.
The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.
The collapse of the global marketplace would be a traumatic event with unimaginable consequences. Yet I find it easier to imagine than the continuation of the present regime.
Regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually.
We are the most powerful nation on earth. No external power, no terrorist organization can defeat us. But we can defeat ourselves by getting caught in a quagmire.
My foundations support people in the country who care about an open society. It's their work that I'm supporting. So it's not me doing it. But I can empower them. I can support them, and I can help them.
The criminalization of marijuana did not prevent marijuana from becoming the most widely used illegal substance in the United States and many other countries. But it did result in extensive costs and negative consequences.
The job can't be finished only improved to please the customer.
Iteration, not ideation, is the most important part of early stage entrepreneurship. You have to have a lot of ideas - a lot of bad ideas - if you want to end up with a good one.
The difference between average people and achieving people is their perception of and response to failure.
When it comes to being badass nothing beats this It took me 17 years and 114 days to become an overnight success.
Most people have the opportunity of a lifetime flash right in front of them, and they fail to see it. A year later, they find out about it, after everyone else got rich.
Losers fix the blame; winners fix what caused the problem.
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