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