• 14 Feb 2013 at 2:55 PM

George Soros Fondly Remembers His Salad Days

Somewhere in midtown Manhattan, an 82-year-old man is wistfully gazing out the window, remembering when he was young (younger, anyway) and brash and really ruined Nigella Lawson’s father’s day.

Now, $1 billion doesn’t mean as much as it did in 1992. But we think George Soros can be forgiven a moment of self-satisfaction in this twilight triumph.

George Soros, who made a fortune shorting the British pound in the 1990s, has scored gains of almost $1 billion on the trade since November, according to people with knowledge of the firm’s positions. Others reaping big trading profits by riding the yen down include David Einhorn’s Greenlight Capital, Daniel Loeb’s Third Point LLC and Kyle Bass’s Hayman Capital Management LP, investors say….

Investors began jumping into the trade late last year, ahead of the election of Shinzo Abe as Japan’s prime minister. When Mr. Abe and others were unusually open in their rhetoric about driving down the currency, traders added to their positions, helping the yen weaken. Soon, salespeople and traders at banks were telling hedge funds and other investors that the time was right to make big bets against the yen.

Mr. Abe’s election, and the selling by hedge funds, had a big impact. On Wednesday, the dollar bought about 93 yen, from about 79 yen in mid-November. “It’s a bet on Abe-nomics” someone close to the Soros firm says….

Few investors, though, have made as much money as Mr. Soros. The 82-year-old investor’s $24 billion Soros Fund Management has made close to $1 billion of paper profits since mid-November wagering on yen weakness, according to people close to the matter.

U.S. Funds Score Big by Betting Against Yen [WSJ]

11 comments (hidden to protect delicate sensibilities)
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Comments (11)

  1. Posted by Im_a_Dude | February 14, 2013 at 2:57 PM

    another pointless piece by shazar. reposting a WSJ bit.
    come up with something smart/witty/funny like Bess or decent financial analysis and great charts like Matt .
    what the fuck do we need this shit for?

  2. Posted by Angry Guest | February 14, 2013 at 3:03 PM

    Exactly, could easily be Opening or Closing Bell material.

  3. Posted by asianbankingsensation | February 14, 2013 at 3:07 PM

    Soros speculating on Asian currencies is the OKI (old killin' it)

  4. Posted by Guest | February 14, 2013 at 3:14 PM

    Every day I hope that yesterday was Shazar's last day at DB, but then he copies and pastes another WSJ article with some shitty commentary, and I die a little more on the inside.

  5. Posted by TheGuestAround | February 14, 2013 at 3:26 PM

    Dear Jon
    In the past I pictured you as a 7ft tall faceless automaton, but I was inaccurate. In fact we're the same height. Same height bros for life, Jon.

  6. Posted by Classic | February 14, 2013 at 3:34 PM

    And his name was Zach Shazouwe…..

  7. Posted by VonSloneker | February 14, 2013 at 3:56 PM

    Something about "tossing salad" and Soros…

    – Lazy Adrianna Ferreyr

  8. Posted by Haiku Quant | February 14, 2013 at 4:06 PM

    This piece is worthless
    Bereft of knowledge and wit
    Shazar has no brain

  9. Posted by Killing It @ UBS | February 14, 2013 at 4:12 PM

    Thank for the parenthetical, would have been completely lost without it.

  10. Posted by I'll Taze Zombie Guy | February 14, 2013 at 4:13 PM

    Please don't mention the organ housed inside the cranium.

  11. Posted by Guestalt | February 14, 2013 at 8:09 PM

    Shazar hoped he could work his own salad (tossing) days into this 'story'.