By the end of the day on Apr. 3, the Dow closed just over the 8000 mark, and a rally appeared to be taking hold on the heels of the G-20 summit in London. But at press time on Apr. 8, the Dowrnhad dipped to 7837-in part because of remarks made by George Soros, the storied hedge fund investor. Two days earlier, Soros called the upswing of the Dow and the S&P 500 "a bear market rally," but he may not be as pessimistic as those words imply. I talked with Soros after the G-20 and again on Apr. 8, and while he remains cautious about the remaking of the world financial system and the direction of the market, he was heartened by the outcome of the summit. Soros, who came out of retirement last year to take charge of Soros Fund Management, now says he is back in retirement mode. Apparently, though, the lion in repose can still scare the jungle.
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