Monday, June 27, 2016

Despite His Dire Warnings Soros Did Not Short The Pound This Go-Round

He did however do a run-and-gun on the bookmakers.

I kid. The bookies got beat by little old ladies in the north of England making hundred dollar bets.
Here's the headline story from Barron's Focus on Funds:

Soros Didn’t Short The Pound Before Brexit Vote Despite Warnings
Billionaire investor George Soros is back in the investing game, and warned that the pound would suffer in a Brexit scenario.

Given that one of his claims to fame is his wildly successful short of the UK currency in the 1990s, Soros’s warnings were widely covered in recent weeks. But is this a case of ‘do as I say, not as I do’?
According to Bloomberg’s Francine Lacqua and Sree Vidya Bhaktavatsalam, Soros was long on the pound ahead of the Brexit vote.
In the days before the vote that marked a rupture between the U.K. and the EU, Soros had warned that the pound could slump more than 20 percent against the dollar as voters were grossly underestimating the true cost of Brexit. Sterling plunged 8.1 percent on Friday to its lowest level in more than three decades, and tumbled again on Monday.
“Now the catastrophic scenario that many feared has materialized, making the disintegration of the EU practically irreversible,” Soros wrote in a June 25 essay reflecting on the U.K. vote for Project Syndicate. “The consequences for the real economy will be comparable only to the financial crisis of 2007-2008.”

June 9 
Uh Oh: "A Bearish George Soros Is Trading Again "