 Soros is known as "The Man Who Broke the Bank of England" because of his short sale of worth of pounds sterling, which made him a profit of $1 billion during the 1992 Black Wednesday UK currency crisis.Based on his early studies of philosophy, Soros formulated an application of Karl Popper's General Theory of Reflexivity to capital markets, which he claims renders a clear picture of asset bubbles and fundamental/market value of securities, as well as value discrepancies used for shorting and swapping stocks.Soros is a well-known supporter of progressive and liberal political causes, to which he dispenses donations through his foundation, the Open Society Foundations.