Druckenmiller was asked what separates great investors from everyone else.
His answer had nothing to do with intelligence.
First: extreme passion. You cannot compete against people who love this business if you don't love it. They will outwork you, outthink you and outcompete you.
Second: competitiveness. They have to be sore losers. They have to want to win badly enough that losing is genuinely painful.
Then he got to the part most people get wrong.
"I haven't even gotten to IQ yet. Anything over 125 or 130 doesn't help you. It's largely superfluous."
Beyond a baseline, intelligence stops mattering. The edge is elsewhere.
Third: ego that gets checked at the door. You can have one but you cannot let it anchor you to a position. The market does not care what you think you know. When things happen that you didn't anticipate and they always will, you have to be able to change your mind without inventing reasons to stay.
Fourth, and the one most people never master: think against the crowd.
"If you're in the crowd, those positions are already owned by everyone. It's not easy to fight your emotions and go against the crowd, but that is a big piece of it."
Bueno va breve hilo sobre esta herramienta que es interesantísima, un currazo, tiene cosas utilísimas, se pueden sacar data importante, tiene ausencias inevitables (la data contemporánea es mala o no está) y nos enseña muchas cosas! Lo primero de todo inmenso agradecimiento a los autores @tonirodon porque es un trabajo enorme y minucioso
DESCARGAOS LA DATA. El repositorio de datos, de momento solo para 1936 es una maravilla, tienen casi todos los municipios de España (aunque faltan Pontevedra, Zamora, Cuenca y hay secciones que faltan en Malaga, Cordoba o Madrid provincia, por la falta de documentacion) y ademas los votos por candidato (eran listas abiertas) aqui los teneis valen mucho la pena dataverse.csuc.cat/dataset.xhtml?…
LA DATA: Para entender los resultados teneis que entender que por el sistema electoral (mayoritario a circunscripciones provinciales con listas abiertas, un sistema delirante) lo que la gente votaba eran coaliciones, no partidos
Pour commencer la France 🇫🇷 suit globalement ce que font les autres pays concernés pour prise en charge de leurs ressortissants.
Donc inutile de crier au scandale.
Mais effectivement des différences peuvent exister
« Les passagers espagnols passeront une semaine de quarantaine, ordonnée par un tribunal, dans un hôpital militaire ; cette durée pourrait être prolongée en fonction de l’évolution de la situation. Les passagers rentrant aux États-Unis seront évalués à leur arrivée au University of Nebraska Medical Center, à Omaha, puis pourront choisir d’effectuer leur quarantaine sur place ou à domicile pendant 42 jours. Quant aux passagers rentrant au Royaume-Uni, ils seront surveillés pendant 72 heures à l’hôpital, puis placés en isolement pendant 45 jours, à domicile ou dans une structure dédiée. »
2/⤵️
« Selon le Centre européen de prévention et de contrôle des maladies — European Centre for Disease Prevention and Control, ECDC — situé à Solna, en Suède, tous les passagers du navire sont considérés comme des contacts à haut risque. Ils doivent donc s’auto-isoler, surveiller quotidiennement l’apparition de symptômes et se faire tester s’ils en développent. L’Organisation mondiale de la santé — OMS — recommande aux personnes exposées au virus une quarantaine de 42 jours. »
Per vent’anni, mentre Putin diventava sempre più aggressivo, qualcuno ha legato economia, energia e stabilità europea alla Russia.
Più la dipendenza cresceva, più Ucraina e Georgia diventavano sacrificabili, più serviva la propaganda russa.
Chi sono i responsabili?
1/12
1) Gerhard Schröder
Nel 2005, da cancelliere, approva il progetto Nord Stream con Gazprom.
Poche settimane dopo la fine del mandato entra nel consorzio Nord Stream AG controllato da Gazprom, poi anche in Rosneft.
Nord Stream porta gas russo direttamente in Germania bypassando Ucraina, Polonia e Baltici.
Nel 2011 Putin gli consegna personalmente il “Russian Federation State Award”, una delle più alte onorificenze russe per cittadini stranieri.
2/12
2) Angela Merkel
Nel 2008, dopo i colloqui con Putin dice che la Georgia non può essere difesa alla NATO.
Dopo l’annessione della Crimea nel 2014, invece di congelare la dipendenza energetica, continua a sostenere Nord Stream 2.
Nel 2021 oltre il 50% del gas tedesco arriva dalla Russia.
La Germania chiude il nucleare e aumenta contemporaneamente la dipendenza da Gazprom.
Bypassando i gasdotti ucraini, l’Ucraina perde peso strategico.
Mosca può colpirla senza rischiare le esportazioni verso la Germania.
🚨 In 2016, an Uber data scientist confirmed the company knew people pay more for a ride when their phone battery is low.
It is called surveillance pricing. Your data sets your price.
Delta is rolling it out on 20% of flights this year. Here is how it works:
It is not dynamic pricing. That is when prices change for everyone at the same time. Surge pricing on a rainy night. Hotel rates during a holiday.
Surveillance pricing is different. You and the stranger next to you see different prices for the same product at the same second.
The data they use.
Browser history. Income estimates. ZIP code demographics. Phone battery level. Mac or PC. Private mode or not. What you bought last month. Whether you have concert tickets in another city next week.
1/ El gancho
📱 Family Banker por WhatsApp: "cupón 9,5%"
📄 KID oficial del producto: 4,17%
¿Te has equivocado tú o me tomas por imbécil?
Hilo 🧵 sobre cómo Mediolanum te coloca un estructurado complejo por WhatsApp. Y luego unas cañas. Invitas tú, no lo dudes!
2/ El producto
Se llama Mediolanum Index Life Coupon Memory 2026.
Suena a algo. Pero es:
Seguro de vida irlandés (MIL, Dublín)
Que compra una nota estructurada
Emitida por Mediobanca (BBB-)
Sobre EURO STOXX 50 + EURO STOXX BANKS
A 5 años. Ilíquido.
Riesgo 6/7 en el KID.
3/ Las trampas del cupón
"Cupón anual del 9,5%".
En el KID, página 1, fecha 02/02/2026, pone literalmente: 4,17%.
Y solo lo cobras si los DOS índices están al final del año por encima del nivel inicial. Si uno baja, no cobras.
Ganancia máxima a 5 años: 20,85%. Tope.