Soros bets against Euro

[Jan Klimkowski]

Soros is now almost entirely in cash.

Waiting to make a move.

Soros Goes To 75% Cash As Fed No Longer Telegraphing Trades

Submitted by Tyler Durden on 07/19/2011 09:57 -0400

Earlier today we saw what happens to investment banks when the Fed no longer clearly telegraphs its intentions vis-a-vis which asset has to be frontran (see Goldman post earlier).

It is not just banks. In the absence of the Fed semaphore, it turns out even such "legendary" hedge funds as Soros' $25 billion Quantum are about as clueless as everyone else. Bloomberg reports that "the fund is about 75 percent in cash as it waits for better opportunities, said the people, who asked not to be identified because the firm is private."

The reason: ""I find the current situation much more baffling and much less predictable than I did at the time of the height of the financial crisis," Soros, 80, said in April at a conference at Bretton Woods organized by his Institute for New Economic Thinking. "The markets are inherently unstable. There is no immediate collapse, nor no immediate solution."