Soros Retreat!


"The markets are extremely risky, and in some ways I think the music has stopped - only most people are still dancing. Price has been eliminated by the market. People believe - buy the best company. It doesn't matter what it costs." - George Soros

NEW YORK - Billionaire George Soros, long an icon to active hedge fund managers, announced his withdrawal from aggressive hedge fund investing.

"We will be more conservative, have less exposure to the market and accept lower returns." Soros said at a recent press conference. "If we can get 15 percent, I will be very happy."

Volatile markets have crushed the Soros holdings this year. The financier had achieved annual returns over the past 31 years averaging over 30 percent. Since the millennial celebrations, however, his $8.2 billion Quantum Fund is down 21 percent, and his $1.2 billion Quota Fund has fallen 32 percent.

With the aggressive managers of both the Quantum and Quota Funds stepping down, Soros said, "The fund won't make any big wagers on currencies or interest rates. Our days of big macro bets are over. We are bringing an epoch to an end." Staff