Friday, July 30, 2010 
Trader Stories
September 16th is the 259th day of the year (260th in leap years) according to the Gregorian calendar. There are 106 days remaining until the end of the year.
September 16, 1992 is known as Black Wednesday. It earned this auspicious alias when the Bank of England “was forced to withdraw the pound from the European Exchange Rate Mechanism (ERM) after they were unable to keep sterling above its agreed lower limit.” -Wikipedia
Not surprisingly, George Soros made over $1 billion dollars on the trade. I spoke to George about it some time later.
“Nice trade, George,” I said.
“Thanks,” he replied.
“How’d you figure it?”
“They said they would defend the pound, and I knew they could not,” he explained.
“How’d you know?”
“When I started selling them pounds it became obvious. So I sold them as much as I could.”
“What’d you do it against?”
“The Deutsche Mark, of course.”
“Nice trade George. Very nice.”
