The Imperial Circle

With each session, as Soros put the young fund manager through "mental gymnastics," Marquez sensed he was getting closer and closer to hearing a job offer. But ffrst Marquez sat through George Soros's set of seminars, as the master investor probed and challenged, always asking himself whether the whiz kid from the Midwest was the right person.

"George is a good thinker," Marquez told me in the spring of 1994, taking time off at the end of the day at his Park Avenue office own thinking and how well you jump through the hoops. He would take an economic scenario, something that was happening currently, describe it. Then he would say, 'Given those stimuli and inputs, what's your response to that? What would you do?"'

Even as he searched for a replacement, Soros continued to agonize over whether to slip into part-time work. To Marquez, there seemed little doubt that Soros wanted to lighten his personal burden. "To be in the game, you have to be willing to endure the pain," Soros told him more than once. Marquez sensed that Soros no longer wanted to be in the game. He wanted a surrogate. "So I guess I was the first surrogate," Marquez said.

Ironically, for all the troubles Soros seemed to be going through, his fund had an excellent year in 1982. As Soros had predicted, Reagan's policies boosted the American economy, and the financial markets turned bullish that summer as interest rates fell and stocks rose. The boom part of the boom/bust sequence was distinctly visible. By the end of that year, the Quantum Fund was up 56.9 percent, climbing from $193.3 million to $302.8 million in net asset value. Soros was nearly back to his 1980 level ($381.2 million). Still, he wanted out - at

Lessons From The Intelligent Investor

Lessons From The Intelligent Investor

If you're like a lot of people watching the recession unfold, you have likely started to look at your finances under a microscope. Perhaps you have started saving the annual savings rate by people has started to recover a bit.

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