Quotes by Stanley Druckenmiller - Page 1

I don't like the repeal of the estate tax.
Stanley Druckenmiller /
Tax
Estate
Estate Tax
Repeal
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I don't think Donald Trump is Ronald Reagan.
Stanley Druckenmiller /
Trump
Donald
Donald Trump
Reagan
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I have given myself a Tesla for my 60th birthday.
Stanley Druckenmiller /
Birthday
Tesla
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The way you create deflation is you create an asset bubble.
Stanley Druckenmiller /
Deflation
Asset
Bubble
Create
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You can be far more aggressive when you're making good profits.
Stanley Druckenmiller /
Aggressive
Profits
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If you're extremely confident, taking a loss doesn't bother you.
Stanley Druckenmiller /
Bother
Loss
Confident
Extremely
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Bitcoin is like anything else: it's worth what people are willing to pay for it.
Stanley Druckenmiller /
Bitcoin
Pay
Willing
Like
Anything
Anything Else
Else
Worth
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The way to build long-term returns is through preservation of capital and home runs.
Stanley Druckenmiller /
Running
Home
Long
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I like putting all my eggs in one basket and then watching the basket very carefully.
Stanley Druckenmiller /
Eggs
Very
Then
Basket
Carefully
Putting
Watching
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Everyone sort of lives with their rulers in the past and doesn’t look at coming changes.
Stanley Druckenmiller /
Looks
Past
Rulers
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Every serious deflation I've looked at is preceded by an asset bubble, and then it bursts.
Stanley Druckenmiller /
Deflation
Serious
Asset
Bubble
Bursts
Looked
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Whenever I see a stock market explode, six to 12 months later you are in a full blown recovery.
Stanley Druckenmiller /
Months
Recovery
Six
Blown
Full
Explode
Later
Market
Stock
Stock Market
Whenever
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There's just nothing to me so invaluable in my business, but in many businesses, as great mentors.
Stanley Druckenmiller /
Invaluable
Business Great Me
Businesses
Mentors
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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
Giving
Soul
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I don't really like hedging. To me, if something needs to be hedged, you shouldn't have a position in it.
Stanley Druckenmiller /
Needs
Position
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In my experience, the more successful an idea is, the easier it is to fund it. In philanthropy, it's almost harder.
Stanley Druckenmiller /
Easier
Fund
Harder
Philanthropy
Successful
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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 /
Running
Borrowing
Term
Business Money Long
Buy
Last
Stock
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Good debt growth is when you borrow money, and it goes into the real economy. You do capital spending. You build businesses.
Stanley Druckenmiller /
Debt
Economy
Growth
Spending
Build
Borrow
Businesses
Capital
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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 /
Opportunity
Criticized
Market
Maximize
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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 /
Income
Making Money
Money Your Know
Capital
Carried
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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 /
Automation
Greater
Robots
Utopian
Years Ago
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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 /
Flexible
Games
Investing
Open Minded
Face
Game
Loved
Competitive
Decisive
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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 /
Economic
Financial
Tesla
Category
Model
Proved
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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 /
Joy
Thirty
Client
Move On
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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 /
Ageing
Bigger
China
Demographics
Evident
Creates
Early
Issue
Problems
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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 /
Chelsea
Clinton
Old People
Cool People Know
Networks
Hillary
Hillary Clinton
Social Networks
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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 /
Courage
Conviction
Huge
Profit
Taught
Trade
Go
Me
Tremendous
Leverage
Pig
Ride
Takes
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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 /
Running
Home
Pigs
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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 /
Love Time Me
Figure
Hang
Steal
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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 /
Learning
Higher
Learning Curve
Mentor
Pay
Time Great Your
Time Learning Great
Between
Career
Choice
Close
Curve
Early
Every Time
Peaks
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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 /
Ability
Care
Enough
Loses
Position
Trade
Best Work Enough
Away
Seen
Confident
Win
Easily
Ever
Walk
His
Trades
Whether
Wins
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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 /
I've Learned
Important
Investing
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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 /
Optimistic
Humans
Including
Machines
Poverty
Resources
Allocating
Behaved
Capital
Efficiently
Eliminate
Historically
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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 /
Add
Management
Moved
Philanthropy
Time Good Business
Big Money
Concept
Time Business Good
Management Team
Stick
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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 /
Wisdom
Conventional
Conventional Wisdom
Money Look People
Earn
Entirely
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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 /
Conventional
Federal Reserve
Focus
Liquidity
People
Most
Looking
Banks
Board
Central
Earnings
Federal
Market
Measures
Move
Overall
Reserve
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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 /
Acceleration
Bankers
Economy
Inflation
Moving
Central
Certain Level
Fed
Longer
Worrying
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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 /
Business
Bears
Bulls
Heard
Long Term
Mentor
Business Money Believe
Here
First
First Thing
Got
Pig
Returns
Slaughtered
Strongly
Superior
Tell
The First Thing
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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 /
Loss
Shoes
Winning
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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 /
Average
Discipline
Exceptional
Intuition
Investing
Leaving
Redundant
Successful
Good Believe I Believe
Really
Behind
Human
Good Human
Iq
Machine
Skill
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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 /
Activity
Advantage
Economic
Levels
Signals
Smarter
Understand
Free
Watched
Economic Activity
Forecast
Free Markets
Market
Price
Stock
Stock Market
Worked
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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 /
Analysis
Directors
Spurs
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