George Soros is a billionaire business person and philanthropist who is estimated to be worth over $24.4 billion. He made a fortune of $1 billion during the 1992 “Black Wednesday” by correctly predicting the devaluation of the British pound. He is the owner and founder of Soros Fund Management, an investment company he started after moving to the United States from England. Over the years, George Soros has gained a lot of experience in the financial market, the experience which gas drove him to the top of the business world through good investment choices. The Soros Fund Management has investments in different sectors of the American economy, from which it makes lots of profits.
One of the sectors where the Soros Fund Management had its investments was the energy sector. A sector which contributes to nearly 8% of the country gross domestic income. In the last quarter of the year 2015, Soros Fund Management dumped all of its shares in Chevron (CVX), Chesapeake Energy (CHK) and NRG Energy (NRG), some of the biggest players in the American energy industry. This move to some was just a normal investment practice of shifting from one investment to the other more profitable investment. But to those who have closely watched George Soros investment moves, they know that something is up, and George Soros has smelled a rat in the energy industry.
It is so obvious that George Soros became a billionaire by making wise investments decisions such as avoiding economic pitch traps to losses. This investment shift may be Soros avoiding a pitch loss trap. Over the last few months, the energy industry has not been stable. The world petroleum prices per barrel fell from $114 in 2014 to $26 currently, signifying a fall of around 73% off the original price. The World Bank has also revisited its oil price per barrel and lowered it from $51 in October to $31 in February. All these factors and the withdrawal of Soros investment in the energy industry are an indication of something bad on its way to the energy sector. To make matters worse, Iran, a country that produces a fifth of the world’s total oil, promised to dump cheaper oil on the international market as a revenge tactic to its sanctions and refused to sign the oil production hold agreement between Russia and Saudi Arabia.
Far from that, George Soros is a philanthropist, who founded the Open Society Foundation, an international umbrella charity organization that is devoted to helping other smaller democracy and human rights-minded charity organizations around the world achieve their goals. George Soros was inspired to form this umbrella organization from his experiences in his the Nazi-controlled home country, Hungary, where he was born during the second World War. He says he poses the courage to talk and address touching issues in the society that no one else has the courage of addressing.
Mentioned on The Street.