fbpx
QQQ
+ 2.03
333.05
+ 0.61%
DIA
+ 2.82
332.25
+ 0.84%
SPY
+ 3.01
405.47
+ 0.74%
TLT
-0.50
138.51
-0.36%
GLD
-1.23
165.72
-0.75%

George Soros Was On The Losing Side? Billionaire Was 'Long' On Pound Ahead Of Brexit Vote

by
June 27, 2016 9:49 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More

Billionaire George Soros campaigned for Britain to remain part of the European Union ahead of the Brexit vote. He argued that the only winners of a “leave” victory would be speculators and hedge funds able to profit from a drastic and sharp move in the country’s currency, the British pound — also known as the sterling.

Apparently, Soros wasn’t one of the speculators who could have profited immensely from the 10 percent slide in the pound. Bloomberg, citing a statement from Soros’ spokesperson, reported that Soros was long the pound ahead of the Brexit vote and did not “speculate against [the] sterling while he was arguing for Britain to remain.”

Related Link: George Soros On Brexit: The Only Winners Will Be Speculators

However, Soros did profit from his other assets and investments that were positioned to appreciate in a bearish environment.

For those who remember, Soros had no issue with speculating on the pound in 1992 when he made $1 billion on a wager that the U.K. would devalue the pound and pull it from the European Exchange Rate Mechanism.

Meanwhile, the decline in the British pound carried over the weekend. The national currency hit a 31-year low of $1.3221, while 10-year government bonds traded below 1 percent for the first time ever.


Related Articles

How Brexit Will Impact The UK ETF's Big-Name Holdings

Pound Woes Could Be Good News For These U.K. ETFs

Pound Punishment Is Perfect For These ETFs

Believe It: Brexit Isn't All Bad For U.K. ETFs