Stanley Druckenmiller Quotes

105 Stanley Druckenmiller Quotes

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[In January 2015.] You don’t need like 15 stocks or this currency or that. If you see it, you got to go for it because that’s a better bet than 90 percent of the other stuff you would add onto it.
Stanley Druckenmiller

[In January 2015.] Had I known George Soros when I made the bond bet [Putting 50% of his capital into treasury bonds yielding 14 percent.], I probably would have made a lot more money because I wouldn’t have put 50 percent in the bonds, I probably would have put about 150 percent in the bonds.
Stanley Druckenmiller

[In January 2015.] I go in at 4:00 and I said, ‘George, I’m going to sell $5.5 billion worth of British pounds tonight and buy Deutsche marks. Here’s why I’m doing it, that means we’ll have 100 percent of the fund in this one trade.’ And as I’m talking, he starts wincing like what is wrong with this kid, and I think he’s about to blow away my thesis and he says, ‘That is the most ridiculous use of money management I ever heard. What you described is an incredible one-way bet. We should have 200 percent of our net worth in this trade, not 100 percent. Do you know how often something like this comes around? Like once in 20 years. What is wrong with you?’ So, we started shorting the British pound that night. We didn’t get the whole 15 billion on, but we got enough that I’m sure some people in the room have read about it in the financial press.
Stanley Druckenmiller

[In January 2015.] About 80 percent of the big, big money we made was in bear markets and equities because crazy things were going on in response to what I would call central bank mistakes during that 30 year period… The poster child for a central bank mistake was actually the U.S. Federal Reserve in 2003 and 2004.
Stanley Druckenmiller

[In January 2015.] An analyst from Bear Stearns came in and showed me some subprime situation, the whole housing thing, and we were able to figure out by mid ’05 that this thing was going to end in a spectacular housing bust, which had been engineered – or not engineered but engendered [caused or given rise by] by the Federal Reserve’s too-loose monetary policy and end in a deflationary event. And we were lucky enough that it turned out to be correct. My returns weren’t very good in ’06 because I was a little early, but ’07 and ’08 were – they were a lot of fun.
Stanley Druckenmiller

[In January 2015.] When you’re betting the ranch and circumstances change, you have to change, and that’s how I’ve always managed money.
Stanley Druckenmiller

[In January 2015.] The longer rates stay at zero… the more egregious behavior comes up.
Stanley Druckenmiller

[In January 2015 on zero percent interest rates.] I can’t figure out how it’s going to end. I just know it’s going to end badly…
Stanley Druckenmiller

[In January 2015.] If you look at IPOs, 80 percent of them are unprofitable when they come. The only other time we’ve been at 80 percent or higher was 1999.
Stanley Druckenmiller

[In January 2015 on companies borrowing too much money to fund share buy backs and the like.] If you think we can have zero interest rates forever, maybe it won’t matter, but in my view one of two things is going to happen with all that debt. A, if interest rates go up, they’re screwed and, B, if the economy is as bad as all the bears say it is, which I don’t believe, some industries will get into trouble where they can’t even cover the debt at this level.
Stanley Druckenmiller



[In January 2015.] In 1999 after Yahoo and America Online had already gone up like tenfold, I got the bright idea at Soros to short internet stocks. And I put $200 million in them in about February and by mid-march the $200 million short I had lost $600 million on…
Stanley Druckenmiller

[In January 2015.] If you look to me at the real root cause behind the financial crisis, we’re doubling down. Our monetary policy is so much more reckless and so much more aggressively pushing the people in this room and everybody else out on the risk curve that we’re doubling down on the same policy that really put us there and enabled those bad actors to do what they do. Now, now matter what you want to say about them, if we had had five or six percent interest rates, it would have never happened because they couldn’t have gotten the money to do it.
Stanley Druckenmiller

[In January 2015.] Every great money manager I’ve ever met, all they want to talk about is their mistakes. There’s a great humility there.
Stanley Druckenmiller

[In January 2015.] Passion without integrity leads to jail.
Stanley Druckenmiller

[In March 2015.] Stock prices are high by historical measures.
Stanley Druckenmiller

[In March 2015 on fed interest rates.] If - I thought rates were going up - I would short bonds.
Stanley Druckenmiller

[In March 2015.] What we've learned at zero rates is the debt, which frankly is the reason a lot of the people don't want to raise rates, because the debt is too high, the debt is accelerating exactly because we have zero rates.
Stanley Druckenmiller

[In March 2015.] An investor should never let someone else's opinion drive their decision in stocks. Mr. Buffett and I have a different opinion on IBM. I certainly respect his opinion. But I have my own.
Stanley Druckenmiller

[In March 2015.] I read every morning the Wall Street Journal, The Financial Times, The New York Times, I always read The Economist, and probably like every other investor I’m reading stuff all day long that’s sent to me by various sources.
Stanley Druckenmiller

[In March 2015 on the greatest living investor.] There’s so many great one but there’s three young lions I really like which is Zach Schreiber, Chase Coleman and Eric Mandelblatt. I think all three of them will be considered legends in the next 15 years if they’re not already.
Stanley Druckenmiller



[In March 2015 on his diet.] I like Mediterranean type style foods. Mine would be more on the healthy side.
Stanley Druckenmiller

[In April 2015.] I know it’s so tempting to go ahead and make investments and it looks good for today, but when this thing ends, because we’ve had speculation, we’ve had money building up four to six years in terms of a risk pattern, I think it could end very badly.
Stanley Druckenmiller

[In July 2015.] I’ve certainly made my share of mistakes over the years.
Stanley Druckenmiller

[In November 2015.] The nice thing about currency moves, they tend to last two or three years.
Stanley Druckenmiller

[In November 2015.] I could see myself getting bearish, and I can’t see myself getting bullish.
Stanley Druckenmiller


Bonus

[In April 1993 on Stanley Druckenmiller.] Of all the people in the business, he is just the best, both at the macro level and with individual stocks.
Julian Robertson



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