Common Virus Known as Hubris

magazine Le Point, Claes said: "There is a kind of plot. In the AngloSaxon world, there exist organizations and personalities who prefer a divided Europe, condemned to a secondary economic role, rather than a strong Europe with its own monetary and foreign policy."

Soros spokesman David Kronfeld brushed aside Claes's comments, noting that "we're not going to respond to this nonsense about AngloSaxon plots." Soros, he reemphasized, favored an effective European Monetary System but was convinced that the system had ceased to function positively for European nations before its recent collapse.

All in all, 1993 had been a very good year for the Quantum Fund, up 61.5 percent. A mere $10,000 invested in Quantum back in 1969 would now be worth $21 million. The same $10,000 put into Standard & Poor's 500 index stocks over the same period would have been worth a paltry $122,000.

Each of the Soros funds had done incredibly well. The best was Quantum Emerging Growth, up 109 percent before fees, followed by Quantum and Quota, each up over 72 percent. Since 1969, Soros had produced a compounded annual growth rate of about 35 percent. The yearly growth for the S&P 500 had been only 10.5 percent. Soros's major purchase in the final quarter of 1993 had been Paramount Communications; his second- and third-largest purchases were both in the computer networking field: Newbridge Networks and DSC Communications. His top sale was Medco Containment Services, although other large sales suggested that he was trying to extricate himself from financial services; of his 10 largest sales, 5 had been in that area.

The following chart shows Soros's largest stock holdings; roughly half of his assets are in stocks.

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