First of all, it must be said right off that this is not a book about trading. Soros is most famous in the financial markets for his managing of the Quantum Fund and making a billion shorting the Pound in the 90s when the currency broke from the Exchange Rate Mechanism (ERM) which was in place then as a precursor to the eventual Euro introduction. Anyone coming in with the author's trading/investing history in mind thinking he might talk about that type of thing in this book is going to be disappointed. While he does mention events like this and others for which he is famous - or notorious, depending on your viewpoint - neither trading nor the markets are the focus of this book.

The Age of Fallibility is at its core as much a philosophical treatise as an exploration of global affairs. Soros has a pretty well developed world view and philosophy. His `reflexivity' approach to events (markets and otherwise) has been expressed in his earlier books, and is further refined in this one. That is the part of the book which will appeal to traders and investors, as it helps to explain how he looks at the larger movement of markets and how predictable patterns of behavior can be seen. For those who like to take a big picture view of things, it is definitely something worth reading.

As for the remainder of the book, that is a combination of explaining open society, exploring global politics, and attacking America's foreign policy, as the title would imply (though no major global player is left out of the discussion or immune from criticism). If you are an open-minded sort then you will find Soros' views very interesting. In particular, I found his discussion on the concept of the "war on terror" very interesting.

No matter what you think of Soros or his politics (and many folks rightly or wrongly have a negative view of him), the fact of the matter is the man has a perspective on things few can offer based on his experience operating his various organizations. As such, he is definitely someone to whom we should at least listen. If you can do that, I guarantee he'll have you thinking at several points in the text. If not, then this may not be a book you'll want to read.

I personally started the book wondering if the arrogance I found in his earlier market focused books would be apparent in this one too, but I found it wasn't. The style was very engaging throughout and what he had to say thought provoking. If that's what you look for in a current events type of book, then you will like this one, all the more for the fact that though the book was written in 2006, it has enough of a macro scope to it to make the subject matter still quite meaningful now in 2008.

The book has basically three parts: a) Introduction, b) Conceptual Framework, and c) The Present Moment in History.

The Introduction and Conceptual Framework are fantastic. Although Geoge Soros states right of the bet that he has not exhausted his passions and is not ready for an auto biography nor death, he makes a little concession and offers the reader briefs vignettes of his life, enough for the interested reader, who only knew about him via the commentary in newspapers and cable TV, to develop a better understanding about this complex and fascinating individual.

I enjoyed reading the Conceptual Framework. I'm convinced that everyone should attempt to have one and, like George Soros, be willing to evolve it based on their own life experience. His is a complex one and worth of reading a few times. I was inspired by the depth and breadth of his ideas. The point that was left with me is his treatment of the question of the search for truth and how to apply it to our considerably complex lives.

"The truth can be manipulated, but the extent to which the outcome will approximate our will depends on the extent which our understanding approximates reality. We pursue success without too much concern for the truth. As a result we have become a feel good society, unwilling to confront unpleasant realities. We want out electoral leaders to make us feel good instead of telling us the truth."

Ouch, where to I go from here?

Well, the reading of The Present Moment in History is not as interesting. Although George Soros makes excellent points about contemporary socio, economical and political subjects, I was left with the impression that his only goal is to explain his disdain for the present USA Administration, particularly for Geoge W. Bush. Geoge Soros moves from a high minded philosophical discussion into a down in the mud, although well articulated, discussion about how the world is in trouble and George W. Bush, together with his cohorts, are responsible for all that is wrong with American society today.

Interestingly, George Soros made his fortune finding and exploring fault in systems, particularly during huge financial crisis such as what we saw in the mid 70s, late 80's, and late 90s. Now he is willing to spend most of it, including his precious time left on this earth, trying to fix what he believes is one of the most complex man-made systems ever, American Democracy.

Although the reading of The Present Moment in History is dense and well worded, I was left with the impression that it was a waste of my time to read it and of George Soros to write it. I would rather see him become a lot more active in our society, by jumping into the battle with both feet and running for office. It would be fascinating to see George Soros engaging for a fight to be a county supervisor; in fact I would love to see George Soros do it, and then review The Present Moment in History. I promise to read it if he does it.

This book has two pieces. The first half is a mix of philosophy and analysis, centered on the theme of open society. Societies can be divided between those that accept uncertainty and its consequences (open) and those that reject and deny (closed). Soros sees America as an open society in peril of closing due to a population tempted by the false certainty of closed society. The movement towards a closed society was most clearly evidenced by the presidential election of 2004, where Americans embraced the false certainty and incompetence of the Bush administration.

Interesting ideas, but too quickly drawn. What are the advantages and disadvantages of open and closed society? What kind of people gravitates to one or another? How do shock events like 9/11 affect peoples' preferences? Different segments of society will have different preferences, what is the tipping point that pushes society as a whole one way or another?

The second half is a survey of Soros' foundation work, and his going forward concerns such as global warming and a general energy crisis. It didn't engage me. I wish this latter section had been discarded and the first half expanded.

Recommended for the first half.