The way to build long-term returns is through preservation of capital and home runs. Stanley Druckenmiller More Quotes by Stanley Druckenmiller More Quotes From Stanley Druckenmiller The way to build superior long-term returns is through preservation of capital and home runs...When you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig. Stanley Druckenmiller home running pigs I particularly remember the time I gave (the research director) my paper on the banking industry. I felt very proud of my work. However, he read through it and said, 'This is useless. What makes the stock go up and down?' That comment acted as a spur. Thereafter, I focused my analysis on seeking to identify the factors that were strongly correlated to a stock's price movement as opposed to looking at all the fundamentals. Frankly, even today, many analysts still don't know what makes their particular stocks go up and down. Stanley Druckenmiller spurs analysis directors I’ve learned many things from him [George Soros], but perhaps the most significant is that it’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong. Stanley Druckenmiller investing ive-learned important 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. There are a lot of shoes on the shelf; wear only the ones that fit. If you're extremely confident, taking a loss doesn't bother you. Stanley Druckenmiller shoes winning loss Everyone sort of lives with their rulers in the past and doesn’t look at coming changes. Stanley Druckenmiller rulers looks past Once you make a lot of money, it's incredibly enjoyable to give it away. It's a way to satisfy the soul. Stanley Druckenmiller generosity soul giving Louis Bacon will go down as one of the giants of our industry. He was one of the earlier innovators in the genre of Global Macro, to not only survive, but thrive in our industry for 30 years is an outstanding achievement. Stanley Druckenmiller money The myopic policy makers have no endgame. They stumble from one short-term fiscal or monetary stimulus to the next, despite overwhelming evidence that they only produce an ephemeral 'sugar high' and grow unproductive debt that impedes long-term growth, the chickens are now coming home to roost. Stanley Druckenmiller business This lack of investment and a slowing of the Chinese economy will remove a major cylinder from the engine of world growth. Stanley Druckenmiller business The way you create deflation is you create an asset bubble. Stanley Druckenmiller create bubble you way 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 great you learning time Whenever I see a stock market explode, six to 12 months later you are in a full blown recovery. Stanley Druckenmiller i-see stock-market see you 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 skill good discipline believe 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 ride me you courage Bitcoin is like anything else: it's worth what people are willing to pay for it. Stanley Druckenmiller worth anything like people 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 market looking focus people You can be far more aggressive when you're making good profits. Stanley Druckenmiller more good you aggressive 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 you money business long 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 understand strength change people 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 you hot trying moving
