Thread by @TrungTPhan

The most memorable interview I did this year was w/ Stanley Druckenmiller, who famously made $1B shorting the British Pound.

The trading legend's track record includes a 30-year stretch returning 30%+ a year (without a single down year).

Here are 8 investing lessons🧵

1/ Make concentrated bets in high conviction plays

2/ Concentrated bets can sometimes *reduce* risk

3/ Use a multi-disciplinary approach to investing

4/ Know when to sell (he never uses a stop loss)

5/ You will fight emotions your entire career

6/ His biggest investing mistake came in 2000 when he let emotions overpower his discipline

7/ If you don’t *really* love investing, you will get beat by those who do

8/ Find what *actually* makes a stock goes up or down

9/ If you enjoyed that, I write 1-2x interesting threads a week.

Follow @TrungTPhan to catch them in your feed.

Here's one you might like:

10/ PS. I also write a Saturday newsletter digging up the most interesting (and mostly hilarious) nuggets from around the web.

trungphan.substack.com

11/ Here's the full Q&A (audio, text) with Druckenmiller. It covers his views on the tech stocks, inflation, Wall Street Bets, crypto (BTC, ETH, DOGE), China and more:

thehustle.co/stanley-drucke…

12/ One more: Be able to change your mind (before losing $3B in 2000, Druckenmiller pulled a stunning 180-degree turn in 1999)

(This story is courtesy of the Financial Times)

13/ Here is Stan’s guess for the first FAAMG company to reach $5T