This is an interview by Kiril Sokoloff with Stanley Druckenmiller.
Who is Stanley Druckenmiller?
Born in Pittsburgh, his parents divorced in middle school. He went on to study English and Economics in college. Later, dropped out of his third year of a graduate Ph.D program for economics because it was “too theoretical” and accepted a position as an analyst at Pittsburgh National Bank in 77’.
Later in 88’ he worked under George Soros and Quantum where they famously “broke the Bank of England” when they shorted British pound sterling in 1992, reputedly making more than $1 billion in profits.
He left Quantum after taking huge losses in tech and focused on his own Hedgefund, Duquesne Capital Management, which posts an average annual return of 30 percent without any money-losing year, for 30 years.
“If you’re extremely confident, taking a loss doesn’t bother you,” Druckenmiller told author Jack Schwager about what he learned from Soros.
“Soros is also the best loss taker I’ve ever seen. He doesn’t care whether he wins or loses on a trade. If a trade doesn’t work, he’s confident enough about his ability to win on other trades that he can easily walk away from the position. There are a lot of shoes on the shelf; wear only the ones that fit.”
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