Traders around the world were devastated by the precipitous fall of the pound after the Brexit vote. But one of the shock losers was George Soros, 85, the Hungarian-American investor famed for his prescient reading of the global currency markets.
Back in 1992, Soros famously made a billion dollars by betting against the pound, which caused Britain to withdraw from the European Exchange Rate Management.
Recently, he was reported to have come out of retirement because he apparently saw the opportunity to make money by betting against the global economy. Yet this time, he actually lost money by going long on the pound up to the Brexit referendum, according to a spokesperson.
This was even more surprising because Soros had predicted the carnage to the pound if the UK voted to leave the European Union. Had he ignored his instincts or was he blindsided by his faith in the British voter?
