Stan Druckenmiller gave the keynote speech at the USC Student Investment Fund annual meeting last week:
vimeo.com/548917378
A rare long form (1 hr) conversation where he touched on a wide range of topics.
vimeo.com/548917378
A rare long form (1 hr) conversation where he touched on a wide range of topics.
The first 20 minutes expands on the ideas he discussed in his op-ed in the WSJ this week titled “The Fed is Playing With Fire” where he expressed concern that the Fed was remaining accommodative for too long and risking an asset bubble.
wsj.com/articles/the-f…
wsj.com/articles/the-f…
Druckenmiller comments on the current craziness in financial markets:
“With #dogecoin which was started as a joke with a $60 billion dollar market cap and NFTs on everything you can spell out there, is there any doubt in anybody’s mind that we’re in a bubble?”
“With #dogecoin which was started as a joke with a $60 billion dollar market cap and NFTs on everything you can spell out there, is there any doubt in anybody’s mind that we’re in a bubble?”
Druckenmiller on #commodities:
“The other way we’ve positioned ourselves for this inflationary outcome is we are long all sorts of commodities. We’ve been long #oil, we’ve been long #copper, we’ve been long grains. Pretty much if it moves, we’re long it in the commodity world.”
“The other way we’ve positioned ourselves for this inflationary outcome is we are long all sorts of commodities. We’ve been long #oil, we’ve been long #copper, we’ve been long grains. Pretty much if it moves, we’re long it in the commodity world.”
Druckenmiller on equities:
“We are long, but I will be very surprised if we don’t make the exit by the end of this year”
He uses both fundamental and technical analysis:
“I would never buy a stock unless the fundamentals were great and the chart was great”
“We are long, but I will be very surprised if we don’t make the exit by the end of this year”
He uses both fundamental and technical analysis:
“I would never buy a stock unless the fundamentals were great and the chart was great”
Lessons from Soros:
“It’s not whether you’re right or you’re wrong, it’s how much money you make when you’re right and how much you lose when you’re wrong”
“It’s not whether you’re right or you’re wrong, it’s how much money you make when you’re right and how much you lose when you’re wrong”
Position sizing when you have conviction:
Stan wanted to bet 100% of the fund on a long Mark short Pound trade, Soros said 200%
“He was not as good at predicting security prices to me but he always seemd to make a ton of money because he would size his positions accordingly”
Stan wanted to bet 100% of the fund on a long Mark short Pound trade, Soros said 200%
“He was not as good at predicting security prices to me but he always seemd to make a ton of money because he would size his positions accordingly”
On active vs passive management:
“Depends on who’s managing the money”
“Most investors will underperform the averages going forward as they have historically”
“There are investors that have historically outperformed the market by a lot and I think that will continue”
“Depends on who’s managing the money”
“Most investors will underperform the averages going forward as they have historically”
“There are investors that have historically outperformed the market by a lot and I think that will continue”
Druckenmiller has 1% of his net worth in #bitcoin
“I tried to buy $100 million of it last spring at 6800. I bought $20 million, it took me about 10 days and I said to hell with this, this is too illiquid”
“I tried to buy $100 million of it last spring at 6800. I bought $20 million, it took me about 10 days and I said to hell with this, this is too illiquid”
• • •
Missing some Tweet in this thread? You can try to
force a refresh
