Based on Soros&#x27; past, it&#x27;s probably a combination of both. For example: <a href="https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Black_Wednesday" rel="nofollow">https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Black_Wednesday</a> . In the 90s he saw that the UK&#x27;s commitment to prop up the Pound Sterling was ill advised, but he made sure that his short position paid off by systematically selling Pounds until the government had to renege on the exchange rate mechanism.