Legendary investor George Soros has already suffered the fallout from Donald Trump’s election victory in November. The veteran hedge fund manager has reportedly lost almost $1 billion in a few weeks as a result of the Trump-propelled stock market rally. Many experts, including George Soros, had predicted a slump for stocks in the wake of the presidential election. The famous investor was cautious about the market in the run-up to the election outcome. After unexpected Trump’s win, he went on placing bearish bets. However, his strategy was wrong.
Soros and his family own Soros Fund Management LLC, an investment management firm valued at $30 billion. To sum up the overall performance of the firm, its assets increased 5% in 2016. The annual returns have been below average among other hedge funds. Interestingly, underdog Donald Trump was targeted by Mr. Soros during the presidential race. The billionaire openly backed the election campaign of Democratic nominee Hillary Clinton. Soros Fund Management allocated $25 million as a donation for the Democratic camp.
George Soros is famous for his vision of the market and unconventional decisions. He achieved international fame in 1992 when he scored $1 billion of profits betting against the pound sterling during Black Wednesday. Since then, he has been referred to as the man who broke the Bank of England.
