Speaking about his humanitarian works, Soros once said, “I’m not doing my philanthropic work, out of any kind of guilt, or any need to create good public relations. The philanthropic works by him are done through an entity called Open Society Institute (OSI), which was created by him in 1993. He is the chairman of ‘Soros Fund Management’ and the ‘Open Society Institute’, a stock investor, American currency speculator and political activist. In 1992, Soros earned himself a profit of whopping $1 billion and the title, the man who broke the Bank of England, betting against the Bank of England with $10 billion worth of pounds. He is a former member of the Board of Directors of the Council on Foreign Relations.
Since the 1970s, George Soros has shown active involvement in philanthropy and social work. The firm made a spectacular achievement by giving more than a 4000% return within the next ten years.. He was thirteen, when Hitler’s Wehrmacht seized Hungary and began deporting the country’s Jews to extermination camps. As a global financier and philanthropist, George Soros is popularly known for his unmatchable skills related to the field finance and currency speculation. I’m doing it because I can afford to do it, and I believe in it.”
“Markets are designed to allow individuals to look after their private needs and to pursue profit. In August 2006, he wrote an article titled A Self-Defeating War, in the Wall Street Journal. In 1956, he moved to United States, and started working as a financial analyst. OSI is a private operating and grant making foundation which aims to promote human rights and social reforms. In 1969, he founded his first offshore hedge fund, which grew immensely through speculation. In 1970, he co-founded the famous Quantum Fund with the help of Jim Rogers. One of his most notable humanitarian works is, the generous donations he made in order to eradicate extreme poverty from Africa. It’s really a great invention and I wouldn’t under-estimate the value of that, but they’re not designed to take care of social needs.”
These were the famous words of George Soros, who has made his mark as an enormously successful speculator.
In recent years, Soros has been a vocal critic of America’s military endeavors and foreign policies. Soros graduated from the prestigious London School of Economics, in 1952, and obtained an entry-level position with an investment bank namely Singer and Friedlander.
While studying in London, Soros became acquainted with the work of a philosopher, Karl Popper, which had a great influence on Soros’ intellectual development. The article was in context of the American foreign policies which were applied on several fronts like Iraq, Gaza, Lebanon, Afghanistan and Somalia, and killing of thousands of innocent civilians.
Childhood and Early Life
George Soros was born on August 12, 1930, in Budapest, Hungary. Soros survived the Nazi invasion of Hungary from March 1944 to 1945, and in 1947, he emigrated to England and supported himself by working as a railroad porter and a restaurant waiter
For example, if a party has a fixed rate payment obligation and another one has a floating rate one, the two can swap their interest obligations with each other without settling the underlying debt.
Shares of company XYZ have an intrinsic value of $20 each. While most financial assets have intrinsic asset values or prices, the intrinsic value of a derivative is based on the financial asset that forms the basis of a derivatives contract. If you wish to play the stock markets, they offer an unbelievable amount of ground to play in, especially when it comes to hedging and risk management. Many an investor have fallen to greed in this market, for everyone else, it is a risk management boon.
Whether futures and options, or swaps and forwards, all require careful and deliberate study. On the other hand, forwards, swaps, and CDS are usually traded on the over-the-counter (OTC) markets. Forwards contracts are over-the-counter contracts that usually trade on commodities. Be careful and ask all the right questions before you bring out the cash.
Since most of them involve the play of big money with very little in the way of initial investment, most people fail to foresee the impact they can have on their total funds. Research them and you will find a very grim picture, more houses have been broken with these instruments than have been built. Lack of knowledge coupled with greed, turn them into your worst possible nightmare. On the other hand, a put option gives the buyer the right but not the obligation to sell a certain asset at an agreed price (strike price) by a certain date in the future. Options are not limited to the exchange traded derivatives markets and some are also traded on the OTC markets.
Learning about derivatives is one of the most important lessons to learn, for anyone making new forays into investment finance. The intention is to buy low and sell high in two different markets and pocket the differential profits.
They allow for large portfolio position changes without incurring the buying and selling transaction costs.
Forwards Contracts and Futures Contracts
By definition, a forwards contract is ‘an agreement to buy or sell an asset for a predetermined, fixed price, at a certain time or date in the future’. But before you start thinking about having bigger yields out of these instruments, know a little more about them. When investing in these instruments, be aware of the risk that you are taking on with that kind of leverage.
When they are used for hedging, they perform exceptionally well but when used for speculation, it is not prudent to rely too heavily on them. For many of these instruments, small changes in the underlying asset can swing your fortunes from millionaire to bankrupt within seconds. Even though you have invested only $100, the position that you had taken in the market was on $10000 shares. By definition, they are financial instruments that derive their intrinsic values from the underlying asset that they are based on. Futures are also agreements to buy or sell commodities at a certain predetermined price at some predetermined time in the future. Inexperienced options expire once their time duration ends and it is only the premium paid for buying the option that exchanges hands between the two parties.
These markets happen to be of two types. These non-standardized financial instruments bear some amount of credit risk, since no exchange interferes between the buyer and the seller. When you hold a long position in a forward contract, i.e., you have agreed to buy the underlying commodity at the agreed price, your payoff will be the differential between the forward price and the spot rate at that point in the future (F – S). These are extremely powerful instruments and though, ‘no guts no glory’ does summarize the ‘higher risk, higher potential return’ mantra of investment finance; having open positions in them is never prudent. Being traded on exchanges robs the futures of the customization that is available on forwards, but on the other hand, as exchanges play clearing houses in the transaction, futures have relatively lower credit risk.
They are simple financial instruments. Hull in his 1999 book titled ‘Options, Futures, and Other Derivatives’.
Understanding Futures and Options
A point to note here is that, while futures and forwards are obligatory buy and sell contracts for the holders, options are rights and not obligations that the holder can choose on whether to exercise or not. Not understanding how they work and investing large sums of money in them blindly is a folly. They are a boon for the hedgers but not always so for the arbitrageurs and speculators.
Uses in Investment Finance
Certain exotic types like Cacall, Caput, Barrier options, etc., lure investors with the greed of returns, but what happens many a time is that, traders fail to see the complexity involved in them. Last but not the least, they lend monetary power to the traders, for they can take large positions in the stock market with the minimal amount of cash, i.e., by just paying the premium amounts.
Options are basically of two types, a call option and a put option. Forwards and futures prices are good reflectors of the price directions as well as the expected change in the future prices of the underlying asset.
They offer the traders an option to change the nature of their liabilities and exchange the risks associated with some of their unwanted liabilities with some more bearable ones.
They can be used to make arbitrage profits. Here’s and example of an underlying asset.
Below are some of the uses as listed by John C. The only difference between them and the normal financial instruments (like shares), is just the little term called ‘underlying asset’. These are normal financial instruments where you just buy or sell shares of company XYZ (for $20 each, if market value equals the intrinsic value). How else is it possible that just investing $10 should help you take positions worth $1000. Interest rate swaps are also derivatives for they too derive their values from the underlying debt instrument. The term futures encompasses all things like foreign exchange futures and stock index futures as well. They can be used to hedge open positions in stocks and this makes stock trading safer. The only difference between a normal spot transaction and a forward transaction is the time span between the contract and its fulfillment. You’ll know then, why all traders haven’t mastered the art yet and become overnight millionaires. Plain vanilla swaps, or the least complicated of swaps, allow two parties to swap their interest obligations. They offer the trader, the option of passing on some of the risk that he’s bearing over to another party. Futures and options trading is fantastic as a risk reducing measure (hedging), but may not be equally fantastic as a speculative bet, especially when you do not have the required expertise, neither in derivatives nor in forecasting.
They are very good risk management tools and are mainly used to hedge risks that a trader is routinely exposed to. But when you have a derivative option on the shares of this company, you are basically holding a financial instrument that has no intrinsic value of its own. Marginal swings in the value of these shares can leave you with the outcome – ‘Investment – $100 and Total Loss $100, 000′. So for once, a financial instrument has been named correctly, an instrument that derives its value from some other asset is termed as a derivative.
Futures contracts are derivatives very similar to forward contracts, with the main difference being that while forwards are traded OTC, futures are traded on an exchange. Know their uses and advantages, their drawbacks as well as their various types, namely forwards, swaps, futures and options.
What is the Derivatives Market?
Interest Rate Swaps
Mastering these instruments can make you a millionaire overnight, but it is good to understand them first. In a put option, the option will thus, only be exercised if the strike price is higher than the going market price at that specific point of time in the future. While spot is an immediate, present tense contract, a forward is a later date or future tense contract that is just being finalized today. Two or more options can be combined together (synthetic options) to give the trader just the kind of payoff he was visualizing, given his forecasts of the future price movements on the stock exchange. For many, what they invest in these instruments are their savings so you can only imagine the impact.
Many investors fail to understand that investing in them means indulging in a kind of leveraging. On the other hand, with a short position (agreement to sell), your payoff will be the differential between the spot price of the commodity then and the futures price that you have agreed on (S – F).. Options are fantastic in their ability to cater to every possible need of the stock market trader. First the futures and options are traded on the exchange traded derivatives market and are standardized instruments with negligible credit risk. A call option gives the buyer the right but not the obligation to buy a certain asset from the call option writer, by a certain date and for a certain price, known as the strike price. Think about it and you’ll know why so many have gone down while betting on these instruments. There is no monetary transaction to the contract when it is first negotiated, and money only changes hands on contract maturity. Arbitrage profit opportunities are those opportunities that allow for risk-free, zero net investment profits, by capitalizing on price differentials on the same commodity in different markets. The value of your option to either buy or sell the shares of this company, derives its value from the actual market prices of the underlying asset, in this case, the shares of company XYZ. He either takes on another risk in return or makes a cash payment in exchange for the risk transfer.
Instruments like forwards and futures play a key role in giving directions to the market prices of the future. Since it is the ‘right but not the obligation’ to buy an asset, it is obvious that the call option will only be exercised if the strike price is lower than the going market price for the underlying asset at that certain time in the future
The offshore books with whom I work are top grade but it is in the offshore environment that problems occasionally occur.
It is not that easy finding a reputable sportsbook – partly because the web is populated by website owners who will sing the praises of a sportsbook or casino simply because they earn revenue from signing up customers via an affiliate program. King
Well I am in a position to speak from some experience – I did at one time hold accounts with about sixty bookmakers in Europe, UK, Australia and offshore – the latter catering mainly to the US market. I also like SportingBet (www.SBSportsbook.com) who take US customers and cater for global sports.
So you have decided to start betting online – or maybe you just want to find a new trustworthy sportsbook – what do you need to look out for?
Not all the above are critical – but help towards finding a secure book. These vary quite a bit from book to book. Therefore you should think of the sportsbook you are considering as a bank – a place that you intend to keep funds long term.
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“How to Choose the Right Sportsbook!”
by: Daniel B. Often these website owners know nothing about betting, do not hold accounts with the sportsbooks they are advertising and have not researched the companies they are involved with.
Read press articles as opposed to reviews – reviews are usually written by the sportsbook’s marketing team.
Test run the software by joining and playing for free – most sportsbooks offer this facility.
Find out if your funds are insured or separated in ESCROW accounts so that if the sportsbook company goes under – your funds are still safe.
Find out if the sportsbook is independently audited.
How long has the operation been online – three to four years is usually a good marker as a minimum.
Test out the customer services to see if they meet your standards or the standards they promise you.
If you know about betting already, then check some of their odds and lines – are they in keeping with what you would expect? Some less scrupulous sportsbooks offer very attractive prices to lure unsuspecting bettors. It is, therefore, critical that those US customers put in the research before signing up.
You are keeping your money in an account online.
This article was posted on October 22, 2004
I would say that US bettors are at most risk since they are generally forced to bet at offshore sportsbooks due to legality issues. But ask yourself ; “how easy is it to get access to my money and how much does it cost?”
If you have already have an account with a sportsbook watch out for lapses in customer service and slowness of payment – these can be signs that the company could be in trouble.
The UK has a number of established books including William Hill, Ladbrokes, Coral, and Victor Chandler. I have had at least three online sportsbooks go broke on me – luckily my losses were kept to a few thousand dollars – that may sound a lot but it could have been a lot worse.
So what do you look for:
. Options should be available that are ‘free’ or where the sportsbook absorbs the charges. Sometimes this means added solidity.
What are the deposit and withdrawal options and the associated charges.
Find out if the sportsbook is part of a larger group of companies
To know about different sports betting techniques visit this link.. It should be one that has revealed to return constantly over a long phase of instance. This is a vital piece of games betting guidance.
Your gambling bank or staking arrangement must be worked out in combination with your gambling methods.
Becoming triumphant at gambling on games is attainable but having an approach and fastening to it is vital for that to occur. It must not be also complex. A betting plan must typically be from 1% to 2% for a method that entails you to enlarge your gambles after a slaughter and from 5% to 10% for a method that remains level bets at all instance. Here are presently a few oddments of sports gambling guidance that will assist you return from this potentially productive marketplace.
Choose a system which is already proved
Betting Through Bank
The most significant piece of games betting suggestion I can provide you is – find a scheme that is a confirmed victor. Afforded your method is a winner and your gambling pool and gambling plan is appropriately worked out inside that scheme, then ultimately your losing stripe will twist around and your method will become lucrative once more. It is when effects start to go erroneous and you have go on boarded upon a trailing stripe that the regulation of sticking to your scheme and staying inside your betting plans suits the most hard thing to do.
Sports betting champ provide unique content related to betting which will guide you on your journey toward a perfect bettor. The accessible funds must be ample enough to coat any trailing stripe you may have and sufficient to gradually pick up flipside into profit. If your methods are so perplexing that you are unsure you are receiving it precise then, noticeably it is useless to you.
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Cramer virtually invented the idea of unconventional handicapping as a way of uncovering hidden value, and here he offers ways to use pedigree handicapping, company lines, and other contrarian methods to beat the speed handicappers at their own game.
Money Secrets at the Racetrack by Barry Meadow
Many consider this the best book ever written on money management and the mathematical aspect of value betting and exotic betting. In this book, recently republished by DRF Press, he brings together a comprehensive overview of most aspects of modern handicapping theory. The information is certainly a bit dated, but there’s still lots of good food for thought considering the book was published 25 years ago.
Handicapping Magic by Michael Pizzolla
There haven’t been a lot of additions to the body of handicapping knowledge since the glory days of the 70’s and 80’s, but former Sartin disciple Pizzolla at least contributes something new with his Balanced Speed Ratings and Fulcrum Pace. Davidowitz gives a solid treatment of virtually all aspects of handicapping from speed and pace handicapping to workouts, conditioning, trainers, pedigree, and betting strategy. A must for every horseplayer’s bookshelf.
Kinky Handicapping by Mark Cramer
Cramer is one of the most entertaining and thought-provoking handicapping writers there is, and Kinky Handicapping is his magnum opus. If you’ve ever wanted to know about feet-per-second calculations, early, late and sustained pace, decision models, track profiles and all the other tools of high-tech pace handicapping, this is the place to start.
Laughing in the Hills by Bill Barich
Barich is a terrific writer, and here he gives a wonderful account of bumming around the Northern California racing circuit in the late 1970s, marking time and getting to know the colorful denizens of the Golden Gate Fields backside.
Seabiscuit: An American Legend by Laura Hillenbrand
A book that hardly needs an introduction, given the sensation it made when published. Crist, an executive and columnist with the Daily Racing Form, has ably filled that hole with this book, which offers some solid strategies for tackling both single and multi-race exotics. Sadly, several of the books mentioned here are out of print, but they can often be found on ebay or at abebooks. Nack gives us a ring side seat for all the twists and turns leading up to his incredible Triple Crown Campaign. I particularly enjoyed Ragozin’s war stories about his experiences as a horse owner and bettor (he and his partner Len Friedman have poured millions into the parimutuel pools over the years). Crist is a pick six specialist, and his treatment of how to use multiple tickets to tackle that difficult bet is well worth the price of the book.
My $50,000 Year at the Races by Andrew Beyer
Andy Beyer always delivers a good read, and this account of his home run year of 1977 when he beat the races for 50 large while splitting his time between Gulfstream Park and the Maryland tracks is one of my favorite racing books ever. A great book to dip into when a losing streak has you looking for new ideas.
Secretariat: The Making of a Champion by William Nack
Nack is a long time Sports Illustrated writer who had unprecedented access to the great Secretariat and his connections during “Big Red’s” amazing career. This book covers speed and pace figures, Quirin Speed Points, pedigree handicapping on the grass, even trip handicapping. Beyer always interleavens his handicapping books with lots of good stories that bring out the magic of the track from the bettor’s point of view.
The Odds Must Be Crazy by Len Ragozin
Ragozin is the creator of the famous “Sheets” performance figures (which some consider a bargain at $25 a pop), and this autobiography cum handicapping tome gives a broad overview of how the numbers are created as well as how their users employ pattern matching to find live horses that may offer solid value in the mutual pools. I’ve spent countless happy hours with this book revisiting some old friends as well as learning about the greats before my time. I can’t imagine a horse racing fan who won’t enjoy paging through this book.
Betting Thoroughbreds by Steve Davidowitz
For my money this is the best general handicapping book ever written, and a great place to start for novices looking to expand their knowledge as well as more seasoned players looking to move up. There’s something about the beauty of the thoroughbred and the color of the backstretch that brings out the lyrical side of many writers. Not a great place to start for the novice, but well worth reading for more experienced players.
Speed Handicapping by Andrew Beyer
By the time this was written in 1993, speed figures had lost most of their value in the parimutuel pools, but Beyer is nothing if not a die hard figure player. Beyer on Speed gives a solid overview of how speed figures are made as well as how they might be employed for betting success. A meticulously researched account of Seabiscuit’s rags to riches story, as well as that of his owner, trainer, and jockey.
The Winning Horseplayer by Andrew Beyer
Written in 1983 it’s still an excellent introduction to trip handicapping and how to relate trips to speed figures. Meadow is a serious player and the information here is rock solid.
Stud: Adventures in Breeding by Kevin Conley
A behind-the-scenes look at the world of high-class breeding, where millions of dollars are at stake, and wealthy breeders roll the dice as they “breed the best to the best and hope for the best.” Conley gives as a look into the breeding life of the great sire Storm Cat, as well as the Godolphin breeding operation, where Dubai’s Sheikh Mohammed bin Rashid Al Maktoum spends tens of millions trying for that elusive Derby winner
Thoroughbred Handicapping State of the Art by William Quirin
Quirin was among the first to do a major computer study of American horse racing. It also requires solid money management, and that’s where Commonsense Betting comes in. In addition to an excellent chapter on money management, Mitchell teaches you how to calculate the cost of any exotic wager, make an odds line, as well as how to know when a bet is offering value on the tote board.
Champions by Daily Racing Form Staff
An awesome collection of lifetime past performance for every eclipse award winner since the 1890’s. I’ve divided this article into two sections, one focusing on handicapping books, and the other on more general interest books. A great portrait of the greatest horse of all time.. The focus here is on non-fiction books, although there’s no shortage of fictional horse racing books. Quinn gives an introduction into how figures are made, as well as their application as part of the general handicapping process. The book is more notable for its exiting narrative than its handicapping secrets, but speed figures and track bias played a large part in his success.
General Interest Horse Racing Books
The Best of Thoroughbred Handicapping by James Quirin
Quinn was the most prolific of handicapping writers in the 80’s and 90’s. Ragozin doesn’t give away the store here, but there’s still plenty of good information as well as an enjoyable read for horse racing fans.
Exotic Betting by Steven Crist
Most of the best handicapping books were written before exotic betting came to dominate the mutual pools, and this has left a big hole in the literature for horseplayers seeking the big score. MPH contains a complete overview of the classic Sartin Methodology by its best-known (and perhaps most successful) practitioner. My favorite part of the book details Beyer’s expedition into the virgin territory of Australian racing, where he attempted to use his figures to conquer the fat betting pools down under.
Horse of a Different Color by Jim Squires
A great account of what it’s like to be a small time breeder by Jim Squires, the former Chicago Tribune editor turned thoroughbred breeder who hit the big time when he bred the Kentucky Derby winner Monarchos.
The Race for the Triple Crown by Joe Drape
New York Times writer Joe Drape gives an excellent history of a year on the Derby Trail among the high class stables of New York, a world far removed from the scrape-along lifestyle at most race tracks.
Modern Pace Handicapping By Tom Brohammer
If you only read one book about pace handicapping, this should be the one. He also provides a figure method for the turf based on late speed as a deciding factor.
Commonsense Betting by Dick Mitchell
Winning at the track takes more than good handicapping. Here are my choices for the best horse racing books.
Figure Handicapping By James Quinn
As the title suggests, speed and pace figures are the focus here.
What are the best horse racing books? Horse Racing has an excellent body of literature that surpasses most sports in its quality and variety
Nevada has allowed betting on sports for more than 60 years, and Delaware, Montana and Oregon have at times permitted more limited betting. The Obama administration also joined in the legal fight, opposing New Jersey.
“New Jersey’s sports wagering law conflicts with PASPA and, under our Constitution, must yield,” the court said.
The state’s appeal was led by Gov. New Jersey missed a deadline in the law that would have allowed sports betting in Atlantic City.
The appeals court said it was not judging the wisdom or desirability of allowing sports wagering.
Voters in New Jersey overwhelmingly amended the state constitution in 2011 to allow sports wagering. Bets wouldn’t have been taken on games involving New Jersey colleges or college games played in the state.
“Because the guy that has no money in his pocket … But as CBS News’ legal analyst Jack Ford reported on “60 Minutes Sports” in March, even if the Supreme Court had ruled in favor of New Jersey, the ruling would hardly put the mob out of business.. A trial judge ruled against the state and his ruling was upheld by a divided panel of the 3rd U.S. This material may not be published, broadcast, rewritten, or redistributed. State lawmakers soon enacted a law to allow for betting at tracks and in casinos. is still going to call the local bookmaker to bet” because it requires no money, he said.
The dissenting judge said Congress exceeded its authority when it passed the federal sports betting law.
The justices did not comment in letting stand lower court rulings that struck down New Jersey’s sports betting law because it conflicts with a federal law that that allows state-sanctioned sports gambling only in Nevada and three other states.
But those actions ran up against the 1992 Professional and Amateur Sports Protection Act, enacted by Congress to restrict betting on sports to a few states. Circuit Court of Appeals in Philadelphia.
Angelo Lutz, a legitimate businessman and restaurateur, told Ford that gambling will always be driven by the customer.
WASHINGTON — The Supreme Court on Monday left in place a ban on sports gambling in New Jersey, rebuffing an attempt to bring betting on professional and college sporting events to Atlantic City casinos and the state’s racetracks.
The National Collegiate Athletic Association, the major professional leagues in baseball, basketball, football and hockey sued to block the New Jersey law from taking effect, saying the betting law would harm the integrity of their games. Chris Christie and it argued that the state was trying to limit illegal sports wagering and capture some of that money for the state treasury. The Associated Press contributed to this report.
Bookmakers and organized crime members have long profited in the high-stakes world of illegal sports gambling