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Stan Druckenmiller

lines on the record: 68
first: 2024-11-06
most recent: 2024-11-06
sittings or episodes: 1
sources: podcast

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“An analyst skill set in our business is completely different than a portfolio manager skill set. Once in a while, you'll get an overlap, but I would be careful if they really love the analyst part, which is where we all start, of thinking they have to become a portfolio manager. I've seen it really ruin people's lives who weren't built for trigger pulling, so they should be open-minded. I got in the business because I wanted intellectual stimulation and you're going to get plenty in either one. That would be my advice to them. And be open minded.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“First of all, if they're going in it for the money, they should go elsewhere. There's too many people in the business like me that just love the game and the passion for reasons I just articulated. And they're not going to be able to outwork the people that are passionate in the game. And it's not a fun game if you're losing. It's horrible. Told you how I respond to drawdowns, but if they have a passion for it. If I was a young person, I would not get an MBA. I'd go find a mentor, and if they didn't want me, I would just relentlessly bug the hell out of them, which is a couple of have done with me until they finally accepted me to go and work for them, learn what I could from them. If they still like the business, just keep trying to grow your knowledge base. I would say”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, my mother-in-law said a long time ago on admittedly at Savant, she thought she was joking, but she's correct. It's the only thing I'm really good at. I really enjoy it. Keeps me young. I'm dealing with brilliant young people here as analysts, but also I forced to read the newspaper and forced to learn about these waves and keeps me stimulated. I love it.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“I make a cup of coffee, I go up. I don't shower yet. Check all the markets, read the journal, skim the Financial Times, skin the New York Times. Check like all the emails overnight. When I say check, I mean skim them for the important ones. Then it's probably 515 or 5.30. Take a shower To work, start all over again”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“The market doesn't go my way, but all the information keeps coming. So I keep buying more and more and more and more. So now I have a 350% tenure equivalent in the fund. And then I get lucky with the Gore-Bush fiasco economy falls apart. I end up making 40% in the fourth quarter, so I had written a year off. When I came back, I'm down 18, I assume, okay, at least I don't have to worry about this anymore. I'm finally going to have a down year. And it's like the best quarter I ever had. And to this day, if I had stayed managing money, I think I'd have been tied to knots and there's no way I would make that trade. It was the fact that I was arrayed for four months had a clean slate, had a clear head, and just looked at the evidence. So It was a very, very horrible beginning and a very lucky ending.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, he probably was the number one institutional guy, whatever that rating, institutional investor economist. And I say this is very odd. And I've been out of touch, dollars up, blah, blah, blah, blah. And two days later in his Daily Missive, he has regression analysis. And it says, 50%, I think, currency, 25% oil and 25% interest rates. And it looks one year forward. And it predicts earnings. And it's predicting that earnings are going to decline 36% the next year, and the Wall Street consensus is they're going to go up 18%. So, combination of that, listen to my clients, the fact that Greenspan's got a tightening directive on, which I think is inappropriate. I start buying all these treasuries.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Come back and it's remarkable because the SP has rallied back almost to the high. The Nasdaq's retraced about 85% of decline, but the dollar is up, interest rates are up, and oil is up. Three death knells for markets if you look at history. So I then start calling all my clients who are basically small businessmen. They're not fancy institutions. And all their businesses are terrible. So then I call Ed Hyman and I say.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“So I sell everything out, everything of Duquesne, send my investors a letter and say I'm going on a sabbatical. I don't know whether I'm coming back or not. You can take all your money out, but if you take your money out, if I decide to come back, I can't guarantee I'll let you back in. I think I had like 200 clients. One of them pulled their money. I remember who it was, but they'll remain. For now, so I shut everything down. I go to Africa with my wife and kids And the best thing I did is during the summer. I refuse to expose myself in any way to something that would tell me where the markets were. So I'm not allowed to watch TV. I'm not allowed to see the Wall Street Journal prices. Nothing. So I come back In Labor Day, Think my wife couldn't have handled me being around once the kids go back to school, sort of humor, maybe not.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“And it's like a repeat of the year before. So I go into Soros and I tell him two things. A, I'm getting out of all this stuff. B, I'm quitting. We can't tell anybody because I got to liquidate this portfolio. But the Nasdaq is in the beginning wave of a down 90% move and you can't get out. So by the time I get out, it takes a few weeks. The fund is down like 17%. And Duquesne is down 17%. And I'm just exhausted. I've been running this high profile fund for 12 years.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Nikolai, they're making like four to five percent a day. I mean, the market is still roaring going into March. And I'm watching this and I'm getting. Really annoyed with myself that I'm not still in this trade. And then around early March. I can't take it anymore. And I told you earlier I'm not emotional. This was a real emotional, really dumb move. I buy everything back. I think I missed the top by about an hour. So I buy back all these tech stocks and within a week I know I'm dead And quantum goes from like up 14% to up 1% in a week. And I go in and I, now I've already been through the trauma. The spring before I recovered from it, but It had a big effect on me, the stress. I had young kids”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“To buy tech stocks that I didn't know how to spell. They had their own little accounts and like I would plow in on top of their positions. And we ended up the year, I think, something like 42 net or something after being in this deep hole because I rode this crazy Nasdaq wave in 99. So then in January. I just said, this is ridiculous. I sold out all my tech holdings. Like, I can't remember. It was like, they had grown to like $6 billion. It was enormous for that period of time. And I actually went and told Soros why I had sold them out. Next thing had happens the two little satellites inside, they don't sell out. Their gamblers, I don't really care because quantum's huge in there, this little thing they're not going to affect the performance that much.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a painful but really fun story. Really, it really starts in 1998. When, well, no, it starts in the spring of 1999. I shorted I think it was eleven or twelve internet stocks, not the leaders like AOI or Yahoo, but the also RANS. And I believe the position was like $200 million. And in like four weeks. I had lost like $600 million. So it was the first time I'd ever had a big drawdown. I was down like 16 or 7%. In the spring of'99. I then pivoted and realized that Greenspan easing because of the agent financial crisis while our economy was strong and we had the internet and all this behind it, I went out and hired a couple of young managers.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I don't, but I think they can work as a co-pilot and the combination can beat anything a mere human could be. I'm lucky enough to have known Gary Kasparoff for a long time. I'm co-founder of the Kasparov Chess Foundation. For no good reason, I can hardly play chess. My nine year old daughter was beating me. That's how I started with Gary. He was probably one of the first guys to use machines to. To train himself and work with them, I could see the same thing happening with money management, so I don't think the pure machines, they'll make money because they have a disciplined process and there's math. But I think if you could find an intuitive investor who's using AI and other things to supplement, I think that would probably be the top investor in the world, not a machine.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, There's trades I regret not making. Constantly, I'd say. One of the biggest mistakes I made was having predicted Inflation really early and feeling so strongly about it, I wrote a piece in the Wall Street Journal with my partner Christian Brode in the spring of 21. I had a massive short for me in two years. Sort of like we just talked about with the pound, it was a one-way bet. There were 15 basis points. And I was so mesmerized by where they'd win, where they'd been, I took motive off of like 150 basis points. It seemed like a great win from 15 to basis points to 150. But as you know, they went to 500. I regret Not holding that position. There's probably 30 others, but I prefer to forget my mistakes.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes My memory's a little less Clear on that one as to the reasoning, but it was just another. Another victim of the Deutschmark. I assume there was some kind of divergence between the two economies and there was a peg that I thought was inappropriate and it turned out.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Particularly if it's in a liquid market. And I learned from him, I like to play the turn, maybe my ego in a big turn in something. He was perfectly happy to play from the third to the sixth inning if we go back to baseball terms. If it's a ninth inning game, he was perfectly happy to play the third to the sixth inning when there was more certainty on much greater leverage. He had more courage than I did in terms of sizing positions. I don't think it totally rubbed off on me, but it certainly helped in it. It was a huge learning experience I think The major thing I learned with him is it's not whether you're right or wrong, it's how much you make when you're right and how much you lose when you're wrong.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Folks went up afterwards. Yeah, socks went up, the Gilts went up because they needed lower rates and they'd been held artificially high. So there was all kinds of other stuff I did around it. Which is kind of the way I trade. You get a theme. And then you look at the concentric circles or the dominoes that fall because of a theme. But the point was, was Soros, if he really believed something, the position could never be big enough.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“There was a lot of adrenaline It was exciting. I didn't feel bad because I thought the British economy needed it. I was gratified years later when they changed it from Black Wednesday to white Wednesday. Then I went into action after it broke because the guilts were down two points, which I thought was ridiculous. British needed lower rates. There's some theory in the academia that if you have a weak currency, your interest rates have to go up. So I bought guilts. I bought British stocks. There's a whole”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Had it not been for Soros, I probably would have not got to the seven and a half because intending to do 15, I was in a bigger hurry.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, unfortunately we had a pretty strong reputation and when I started selling it that night. I noticed a lot of other hedge funds started selling at the gossip community and the Currency markets by midnight to one o'clock, the Fords had blown out. They'd started a day at a half a percent. They were like 6% or 7%. And it basically wasn't trading after one in the morning. Then the British raised rates. I think from six to nine Try and stop the bleeding, and then they went to 12. I knew it was over, but the forage route so much didn't matter. And it was done by noon the next day.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“On a $7.5 billion fund, he thought we should have $15 billion short to pound the Deutschmark. It turns out we never got there, but it shows the way the man thinks. I saw it over and over again.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“This one economy is booming and they need higher rates. This other economy is falling apart. They need lower rates. These two currencies shouldn't be linked. And I'm thinking, what does he not understand about this? Because this guy pretty much understood everything. And he says, look, this is a one-way bet. They come along very, very rarely. It's ridiculous doing 100%. We should put 200% of the fund in this trade. So there you have it”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“More proper language, but he's basically saying that the Deutschmark and the pound should no longer be linked, like Dr. So I decide to take Duquesne. And the quantum fund to 100% long the Deutschmark. Short the pound because it's still a half a percent unbelievably. So now you're going to hear vintage soros. So he happens to be in New York at the time, which he wasn't always. I go into his office. And I explained to him. Why I'm going to 100%. And he had a rather large personal account. That's how we kept each other out of each other's hair. He traded that and, you know, it was 90-95% overlap. Told him why I was doing this. And he had this. Unpleasant puzzled look on his face when I'm telling him my thesis.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“It was a peg I called and asked how much it would cost me. Short the pound versus the Deutschmark for six months. It was a half a percent. I think the fund was around 7.5 billion at the time. Quantum fund. And I decided to do an invest and then investigate position. So I did a billion and a half or like 20-25% of the fund short the pound, long the Deutsche Mark, figuring I'd probably lose a half percent because it's a peg and it won't break within six months. But I wanted the position on. Fast forward probably about five or six weeks, the day I believe was September 15th, not that I would remember Read the Financial Times and the head of the Bundesbank. I'm sure I may age, but I'm pretty sure it was Steet Meyer, has written an editorial. The Financial Times basically In”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Going to cause a boom in the economy. So we were very bullish on the overall German economy and we were very convinced that there is no way the Bundesbank would let inflation. So we were very convinced it would be accompanied by tight monetary policy. So we had shorted the Italian lira successfully during that period. So when Scott called me We were already sort of on this Deutschmark journey we've been for a few years and the British economy is going down and new currencies are linked”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“We think the U.S. economy is going down, but I need to take you back about. Three years when the Berlin Wall Chem comes down, it'll probably save me my job because I probably would have been fired at Soros six months after he went to Eastern Europe, had the Berlin Wall Not come down. But the Deutschmark went down for two days, dramatically, because the theory in the market was the Osmark, which was the East German currency, was going to pollute the Deutschmark. I knew German history and knew they were obsessed with inflation because the Weimar Republic, and then that led to Hitler and so forth and so on. So I knew the Germans were absolutely obsessed with inflation. I knew that all bringing all these East Germans into the labor supply.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not overlooking Central Park, but I'm near it. I'm in the Soros Softis on 32nd Floor, but it's... Not a corner off, something fancy.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'm in the office in New York, and Scott Bessant, who was a partner of mine in mainly trade the European area, he's in London, and he tells me the London housing market is in big trouble, and the British economy is in trouble because, like most Anglo-Saxon economies at the time, it's very much driven by housing and so forth.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“When I went to Soros, I thought I would learn what would make the Deutschmark go up and the end go up. And modestly, I found I was better at that than him. In baseball terms, I had a very high batting average. He had a much higher slugging percentage. So what I learned from Soros is when you have conviction, you should bet really big. I know your listeners have probably heard it before, but probably the best illustration is the pound.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“The risk award in the equity market is not that clear when it actually is clear in the bond market or the currency markets. And it's a coincidence. You asked about never having a down year. Part of it is the most action in bonds and currencies tends to happen in bear markets and equity markets. So you can put the equities in the drawer for a while and just concentrate in those markets. I think that's been a huge part of my successes it gives you the discipline not to play in areas that you don't have a lot of conviction in because if you've got credit to play in if you got commodities to play in currencies or bonds you can usually find something that you think there's a great risk or awarding Also, they tend to be more liquid in equity markets. So to our earlier conversation, you can change your mind when you're wrong.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“One of them I think it's a big part of it. I think, again, being open-minded and having humility, the only reason you can change your mind is if you're not arrogant about a position, as mattered. I think I had some great mentors, the one in Pittsburgh, and then Soros in terms of sizing. And I think I learned some lessons very early on concentration. Not to be afraid of concentration. That's a big reason for my success. And probably the other big reason was sort of self-taught is being willing to go into other asset categories. And if you're going to concentrate, it's better to have five buckets to play in than to play in one. I was brought up in the equity market, but sometimes”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Did I say I don't have feelings? I have a lot of feelings. You mean about taking losses? What I mean by that is I think one of the reasons charts work, we have The reason there's support and there's. There's resistance, the resistance is a bunch of people that bought it at 60 and it went down and they've been waiting for three or four years for it to get back to 60 while they could have been in something else that was going up the whole time. I just don't care what I paid for a stock. It's absolutely irrelevant. In terms of my investment process going forward.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“If the reason I bought a stock Is no longer. Case. I don't care what I paid for it. And if I bought it at 60 and it's 50 because the market's discovered the problem before me. I have no emotion whatsoever. Soros was the same way. I didn't really learn it from him, but it was certainly reinforced. After a while, Nikolai, you also develop enough confidence that you're not afraid. To clean the slate and start over because you have the confidence that you'll be successful again and you're not going to sit there in a lazy position that you're not that sure about anymore. Just clean house, and if you've been doing it for decades and it's worked, you kind of have the confidence to take a loss and not worry about it too much. Once I'm out, I'm out.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know if that's a good thing about it. Our business, but it's probably the bad thing about our business, and for some reason I like to hit myself in the head I want to measure from the top”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Compete against what I would call the opportunity set. And if there was a great opportunity set that year and I missed it, I'm disappointed in myself. Like if I'm up 20 and I think I should have been up 50, I'm disappointed in myself. If the opportunity set was basically to be up 10 or 15 and up 20, I'm thrilled.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Do you still get upset Yes, yeah. I'm just. A very competitive person, even if it's just my own money. I wish I wasn't, but I am, and it's probably one of the reasons my results are as good as they are, but I prefer myself not to be, it's a bit of a sickness, but it works for me.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“No good reason. I think it's important because other people talk about it. My investors loved it when I had investors because. You know, they have this stuff in our industries called risk weighted return. I'm not big on that, but I will say. It's a stressful job, and there's less stress if you don't have big drawdowns. I have had significant drawdowns in inner years, so part of the down year is just luck.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know from this price. I assume I will or I would have bought it back. I don't mind buying something back higher than I would. I don't like it, but I'm perfectly willing to buy something back higher than I sold it.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“With NVIDIA. There was no top, but I just analyzed the semiconductors industry not particularly well, but since the 1970s, and it's a cyclical industry. And I knew NVIDIA had saying power and had 4,000 software engineers, so it wasn't just hardware. They have a CUDA, this thing called CUDA software that they do to make their GPUs. But I just thought once it went through 2 trillion, this is just too much. And worst case, it'll have a big correction and I'll get another chance. And of course, I didn't get another chance.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Is something the rate of change of its going up changes and it tends to flatten out for quite some time. The trick is in the technical world that could end up being a bull flag where it just consolidates for a bit and then it did a new leg, or it could be a top where that was it.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I mean, embarrassingly, I did an interview on NVIDIA. I think it was like 370 or something. And I said, this is one we're probably going to own for a few years. But I didn't think it was going to go to 900 in a year and to over a $2 trillion market cap. I think it had started like $100 billion or $150 billion. It was something crazy. So, no, I don't necessarily sew early. I'm a technician, so I usually wait for tops. NVIDIA had no top. I just thought...”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“I trust their analysis, they're so much deeper and better at analysis than I was. But I can see the intuition developing I'm probably as bullish on the talent, the equity talent in my firm as I've been in 45 years. So I guess that's. That's an answer, Partly Partly analytics, and then partly intuition They're not as intuitive as I am because they don't have to be. I was sort of forced to be intuitive because I never acquired their analytical skills.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Expressed extreme displeasure and he said, We'll talk about it when you come back to New York, implied that I wanted to quit. And he said that, uh, Maybe there were too many cooks in the kitchen and he was going to Eastern Europe for four or five years to be out of touch. And then he'd find out whether he had been in my hair or if I really was incompetent. That's sort of the way he talks, the way we think, except he actually says And luckily for me while he was gone, the Berlin Wall came down. I invest in the Deutschmark. But I think Was lucky for both of us. I went on like the best run I've had before or since for like four years. So he kept seeing the results. So I think he trusted my intuition only because the record started that way.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“I think Soros and I had a rocky start. I went there. Had Significant success running public funds at Dreyfus. And he told me I was his successor, but I don't really think his mind was completely made up when I got there. And the first six months were quite rocky because it wasn't clear who was in charge. Frankly, we're both trading badly. I was flying to Pittsburgh because I still had Duquesne. I was running both. I got off the airplane. I think we had payphones back then. We didn't have cell phones. And the head trader there told me he had sold out my bond position. I probably had a higher opinion of myself at the time than I should have when I was young and I had always been in charge. So I was quite upset. Basically,”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“And then see if you feel things would be differently than they are now with security prices reflect that. I think that's probably the biggest mistake investors make as they invest in the present rather than forward-looking and looking where the puck's going instead of where the puck is.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, I, um. When I started in the business, I got promoted too early. So before I had really learned the nuts and bolts of the analysis to the extent that I should have I was promoted to a leadership position and I had to rely a lot on charts and I had to rely a lot on intuition but I found. It's not that hard. If you're dealing with a cyclical company and they're losing money or they're not profitable and everybody in their industry is shutting capacity down, it doesn't take a rocket scientist to try and envision 18 to 24 months out if nobody's adding capacity. They may not be losing money anymore. They might be making a lot of money. I have found It's very important never to invest in the present, always try and envision the situation as you see it in 18 to 24 months”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“So we will buy something, a meaningful position, but not earth shaking, and then really do the work. And if I think we made a mistake, I'll sell it. And if I don't think we made a mistake, we'll add to it if we have to.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, Soros used to call it invest and invest and then investigate. I think I just gave a classic example. I didn't know that much about NVIDIA. I just knew that AI and I had some people here tell me how to play it. So we bought NVIDIA and then we were in the process of doing a lot more work and then ChatGPT happened. I've always had the view. That markets are smart, they're fast, and they're getting much more so with all the communication and the technology we have today. And that if I hear a concept and I like it, if I wait and spend two or three months analyzing it, I may miss big part of the move and then psychologically be paralyzed. It's hard to buy a stock you're looking at at 100. It's 160 even if it's going to 400. somehow your head is screwed up and you're waiting for the pullback.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“I do, but it's you know, it's not all brilliance. I bought Nvidia very well, but I sold at 800 or 900 right when the party was really getting going and I sold my Lily in the high 700s. Granted had a nice profit. But yeah, I look for big trends. I'm not a buffet guy that holds for 20 years, but I look for two to four years stuff and both fit into that category. And frankly, we're looking now for AI applications. That might not have been recognized yet. I think. I'm on the board of Mormon Sloan Kettering, have been for almost 30 years in the applications in cancer are unreal.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, that was easy. I mean, I don't know what it's like in Norway, but in America, if you go to Disney World, everything, and if you know the American psyche, if you don't American, they got a way to lose weight without doing any work. And I knew the drug worked early on just because we were exposed to it. And then when I heard if you get off the drug, you gain the weight back. Then I knew it was sort of a razor blade business because people would have to say on the drug.”
2024-11-06 · In Good Company with Nicolai Tangen · Stan Druckenmiller: Inside the mind of a legendary investor · IDENTIFIED FROM THE TRANSCRIPT · source