Welcome to a compilation of insightful quotes by Stanley Druckenmiller, a renowned investor, hedge fund manager, and philanthropist. Druckenmiller is widely regarded for his exceptional track record in financial markets, having earned billions of dollars through successful trades and investments. His perspectives on economics, investing, and market dynamics offer valuable insights for both seasoned professionals and aspiring investors alike.
Born in 1953, Stanley Druckenmiller began his career at the Pittsburgh National Bank. He later joined George Soros’ Quantum Fund, where he played a pivotal role in generating significant returns for the fund. Over the years, Druckenmiller’s keen understanding of macroeconomic trends and his ability to anticipate market movements have earned him a place among the most respected figures in the world of finance. His willingness to challenge conventional wisdom and his knack for identifying lucrative opportunities have cemented his reputation as one of the most successful investors of his generation.
Below, you’ll find a curated selection of Stanley Druckenmiller’s most thought-provoking quotes, offering valuable perspectives on finance, investing, and the global economy. Whether you’re seeking inspiration, guidance, or simply a deeper understanding of market dynamics, these quotes are sure to stimulate your thinking and enrich your approach to investing. Enjoy exploring the wisdom of Stanley Druckenmiller, and consider how his insights can inform your own financial journey.
The first thing I heard when I got in the business – not from my mentor – was, ‘Bulls make money, bears make money, and pigs get slaughtered.’ I’m here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig. Stanley Druckenmiller
In my experience, the more successful an idea is, the easier it is to fund it. In philanthropy, it’s almost harder. Stanley Druckenmiller
I think old people like Hillary Clinton and I shouldn’t try and be cool with social networks, you know; maybe she should leave that stuff up to Chelsea. Stanley Druckenmiller
I love being around kids. I couldn’t figure out why all these 70-year-olds wanted to hang out with me when I was 27. Now I understand, and I’m trying to steal their energy from them like they stole from me at the time. Stanley Druckenmiller
I don’t put Tesla in the Amazon category. They have not proved to me that, as a financial model and an economic model, it is going to work. Stanley Druckenmiller
I think Bezos is incredible. Stanley Druckenmiller
Carried interest… you’re making money on somebody else’s capital. It’s not on your own. If that’s not income, I don’t know what is. Stanley Druckenmiller
The way you create deflation is you create an asset bubble. Stanley Druckenmiller
The few times that Soros has ever criticized me was when I was really right on a market and didn’t maximize the opportunity. Stanley Druckenmiller
I don’t like the repeal of the estate tax. Stanley Druckenmiller
You can be far more aggressive when you’re making good profits. Stanley Druckenmiller
I think ageing demographics is a bigger issue in China than people think. And the problems it creates should be become evident as early as 2016. Stanley Druckenmiller
Earnings don’t move the overall market; it’s the Federal Reserve Board… focus on the central banks, and focus on the movement of liquidity… most people in the market are looking for earnings and conventional measures. It’s liquidity that moves markets. Stanley Druckenmiller
With my business, the way you make big money is you find a great management team and a good concept, and you stick to it, and you add to it over time. In philanthropy, there was more this idea that once an idea was formulated, you moved along. Stanley Druckenmiller
Every serious deflation I’ve looked at is preceded by an asset bubble, and then it bursts. Stanley Druckenmiller
Soros has taught me that when you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig. It takes courage to ride a profit with huge leverage. Stanley Druckenmiller
I don’t really like hedging. To me, if something needs to be hedged, you shouldn’t have a position in it. Stanley Druckenmiller
I’ve always loved to play games, and face it: investing is one big game. You need to be decisive, open-minded, flexible and competitive. Stanley Druckenmiller
If machines do everything well, including allocating capital and resources efficiently, can that be deflationary, can that eliminate poverty? I don’t know. It’s hard to be very optimistic if you look at how humans have behaved historically. Stanley Druckenmiller
I like putting all my eggs in one basket and then watching the basket very carefully. Stanley Druckenmiller
Whenever I see a stock market explode, six to 12 months later you are in a full blown recovery. Stanley Druckenmiller
There’s just nothing to me so invaluable in my business, but in many businesses, as great mentors. Stanley Druckenmiller
I love Amazon. Stanley Druckenmiller
Once an economy reaches a certain level of acceleration… the Fed is no longer with you… The Fed, instead of trying to get the economy moving, reverts to acting like the central bankers they are and starts worrying about inflation and things getting too hot. Stanley Druckenmiller
Bitcoin is like anything else: it’s worth what people are willing to pay for it. Stanley Druckenmiller
Good debt growth is when you borrow money, and it goes into the real economy. You do capital spending. You build businesses. Stanley Druckenmiller
If you’re running a business for the long term, the last thing you should be doing is borrowing money to buy back stock. Stanley Druckenmiller
I believe that good investors are successful not because of their IQ, but because they have an investing discipline. But, what is more disciplined than a machine? A well-researched machine can make many average investors redundant, leaving behind only the really good human investors with exceptional intuition and skill. Stanley Druckenmiller
What a company’s been earning doesn’t mean anything. What you have to look at is what people think it’s going to earn. If you can see something in two years is going to be entirely different than the conventional wisdom, that’s how you make money. Stanley Druckenmiller
All in all, I don’t think robots and greater automation can bring about a utopian world as I imagined it would as a kid 50 years ago. Stanley Druckenmiller
Soros is 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. Stanley Druckenmiller
I have given myself a Tesla for my 60th birthday. Stanley Druckenmiller
I don’t think Donald Trump is Ronald Reagan. Stanley Druckenmiller
If you’re early on in your career and they give you a choice between a great mentor or higher pay, take the mentor every time. It’s not even close. And don’t even think about leaving that mentor until your learning curve peaks. Stanley Druckenmiller
Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That’s how I started. I watched the stock market, how equities reacted to change in levels of economic activity, and I could understand how price signals worked and how to forecast them. Stanley Druckenmiller
For 30 years I’ve been responsible for managing client money, and it’s been a joy, but at some point I need to move on. Thirty years is enough. Stanley Druckenmiller
If you’re extremely confident, taking a loss doesn’t bother you. Stanley Druckenmiller
