Stanley Druckenmiller
The GOAT of Macro Trading
Duquesne Family Office
Stanley Druckenmiller dropped out of a PhD program in economics to become an equity analyst, then founded Duquesne Capital in 1981. In 1988, Soros recruited him to manage the Quantum Fund, where Druckenmiller was the one who actually sized and executed the legendary pound short. He averaged 30% annual returns for 30 consecutive years without a single losing year — arguably the greatest risk-adjusted track record in hedge fund history. He closed Duquesne to outside investors in 2010, saying the stress of managing other people's money was affecting his performance. He now runs a family office and is one of the most closely watched investors in the world. When Druck talks, the market listens.
“The way to build long-term returns is through preservation of capital and home runs. Concentrate your bets when you have conviction. Earnings don't move markets — the Fed and liquidity do.”
Shorting the British pound for Soros (1992) — Druck sized the $10B position
He convinced Soros to go even bigger. Result: $1B+ profit. He did the analysis; Soros gave the green light.
Tech stocks at the 2000 top — bought $6B in tech right before the crash
Lost $3B in weeks. 'I knew it was overvalued but I couldn't help myself.' Led to closing Duquesne in 2010.
“Earnings don't move the overall market; the Federal Reserve does.”
“I've learned many things from George Soros, but the most significant is that it's not whether you're right or wrong, but how much you make when you're right and how much you lose when you're wrong.”
“Never, ever invest in the present. It doesn't matter what a company's earning, what they have earned. Invest in the future.”
Born in Pittsburgh, Pennsylvania
Founds Duquesne Capital Management
Joins Soros as lead portfolio manager of Quantum Fund
Architects the pound short — biggest single-day trade in history
Loses $3B in tech bubble — leaves Quantum Fund
Closes Duquesne to outside investors after 30 years undefeated
Warns 'the era of free money is over' — correctly calls tech crash
| # | Position | Name | Shares | Value | % Port |
|---|---|---|---|---|---|
| 1 | NTRASHARES | Natera Inc | 3.2M | $864.9M | 16.6% |
| 2 | TSMSHARES | Taiwan Semiconductor Manufac | 589.7K | $281.6M | 5.4% |
| 3 | STMSHARES | Stmicroelectronics N V | 3.1M | $232.4M | 4.5% |
| 4 | RSPCALL OPTION | Invesco Exchange Traded Fd T | 821.0K | $174.7M | 3.4% |
| 5 | INSMSHARES | Insmed Inc | 1.4M | $151.9M | 2.9% |
| 6 | EWZCALL OPTION | Ishares Inc | 4.2M | $145.9M | 2.8% |
| 7 | INSMCALL OPTION | Insmed Inc | 1.4M | $143.9M | 2.8% |
| 8 | YPFSHARES | Ypf Sociedad Anonima | 3.1M | $142.7M | 2.7% |
| 9 | AMZNSHARES | Amazon Com Inc | 541.6K | $129.1M | 2.5% |
| 10 | TBBBSHARES | Bbb Foods Inc | 2.9M | $120.9M | 2.3% |
| 11 | GOOGLSHARES | Alphabet Inc | 336.3K | $120.2M | 2.3% |
| 12 | EWZSHARES | Ishares Inc | 3.4M | $118.5M | 2.3% |
| 13 | STXSHARES | Seagate Technology Hldngs Pl | 122.0K | $117.7M | 2.3% |
| 14 | FOXASHARES | Fox Corp | 2.2M | $115.0M | 2.2% |
| 15 | AMZNCALL OPTION | Amazon Com Inc | 459.3K | $109.5M | 2.1% |
| 16 | UALSHARES | United Airls Hldgs Inc | 794.8K | $108.1M | 2.1% |
| 17 | SESHARES | Sea Ltd | 1.1M | $105.4M | 2.0% |
| 18 | CDWSHARES | Cdw Corp | 744.0K | $104.6M | 2.0% |
| 19 | NAMSSHARES | Newamsterdam Pharma Company | 3.1M | $104.0M | 2.0% |
| 20 | IWMCALL OPTION | Ishares Tr | 330.0K | $99.1M | 1.9% |
| 21 | SNDKSHARES | Sandisk Corp | 34.9K | $79.4M | 1.5% |
| 22 | RVMDSHARES | Revolution Medicines Inc | 399.6K | $74.8M | 1.4% |
| 23 | SPYCALL OPTION | State Str Spdr S&P 500 Etf T | 90.0K | $67.2M | 1.3% |
| 24 | BTDRSHARES | Bitdeer Technologies Group | 4.1M | $64.7M | 1.2% |
| 25 | CRHSHARES | Crh Plc | 553.6K | $59.2M | 1.1% |
| 26 | DALSHARES | Delta Air Lines Inc | 603.0K | $56.5M | 1.1% |
| 27 | TSLACALL OPTION | Tesla Inc | 126.0K | $53.0M | 1.0% |
| 28 | FLRSHARES | Fluor Corp | 982.2K | $51.5M | 1.0% |
| 29 | DHISHARES | D R Horton Inc | 299.0K | $48.7M | 0.9% |
| 30 | CPNGSHARES | Coupang Inc | 2.7M | $46.3M | 0.9% |
| 31 | AMDSHARES | Advanced Micro Devices Inc | 72.9K | $42.3M | 0.8% |
| 32 | PANWSHARES | Palo Alto Networks Inc | 116.7K | $39.8M | 0.8% |
| 33 | CLFSHARES | Cleveland-Cliffs Inc New | 4.2M | $39.6M | 0.8% |
| 34 | HUTSHARES | Hut 8 Corp | 314.1K | $36.3M | 0.7% |
| 35 | CDWCALL OPTION | Cdw Corp | 250.0K | $35.2M | 0.7% |
| 36 | CAISHARES | Caris Life Sciences Inc | 1.9M | $33.8M | 0.6% |
| 37 | ARGTSHARES | Global X Fds | 328.8K | $30.0M | 0.6% |
| 38 | FOXSHARES | Fox Corp | 632.6K | $29.6M | 0.6% |
| 39 | WWDSHARES | Woodward Inc | 67.2K | $28.6M | 0.5% |
| 40 | METACALL OPTION | Meta Platforms Inc | 50.0K | $28.2M | 0.5% |
| 41 | NUVBSHARES | Nuvation Bio Inc | 4.5M | $25.8M | 0.5% |
| 42 | PTGXSHARES | Protagonist Therapeutics Inc | 208.9K | $25.6M | 0.5% |
| 43 | ROKUSHARES | Roku Inc | 184.1K | $25.4M | 0.5% |
| 44 | CVCOSHARES | Cavco Inds Inc Del | 39.5K | $24.3M | 0.5% |
| 45 | ADMASHARES | Adma Biologics Inc | 2.8M | $23.3M | 0.4% |
| 46 | 44916Y106SHARES | Hyperliquid Strategies IncCUSIP 44916Y106 | 2.9M | $23.1M | 0.4% |
| 47 | RMBSSHARES | Rambus Inc Del | 173.0K | $23.0M | 0.4% |
| 48 | RYTMSHARES | Rhythm Pharmaceuticals Inc | 203.6K | $22.6M | 0.4% |
| 49 | 830830105SHARES | Champion Homes IncCUSIP 830830105 | 254.4K | $22.4M | 0.4% |
| 50 | DAKTSHARES | Daktronics Inc | 1.1M | $22.0M | 0.4% |
| 51 | PCTSHARES | Purecycle Technologies Inc | 2.7M | $21.7M | 0.4% |
| 52 | SCCOSHARES | Southern Copper Corp | 123.1K | $21.4M | 0.4% |
| 53 | LINSHARES | Linde Plc | 41.2K | $21.4M | 0.4% |
| 54 | ENTGSHARES | Entegris Inc | 118.3K | $21.3M | 0.4% |
| 55 | TEVASHARES | Teva Pharmaceutical Inds Ltd | 625.0K | $21.2M | 0.4% |
| 56 | USHARES | Unity Software Inc | 738.8K | $21.1M | 0.4% |
| 57 | AEVASHARES | Aeva Technologies Inc | 720.2K | $20.7M | 0.4% |
| 58 | RIOTSHARES | Riot Platforms Inc | 754.8K | $20.7M | 0.4% |
| 59 | QSHARES | Qnity Electronics Inc | 125.7K | $20.5M | 0.4% |
| 60 | EQIXSHARES | Equinix Inc | 18.4K | $19.2M | 0.4% |
| 61 | LRCXSHARES | Lam Research Corp | 43.6K | $18.9M | 0.4% |
| 62 | 24477V105SHARES | Definium Therapeutics IncCUSIP 24477V105 | 356.6K | $16.8M | 0.3% |
| 63 | BLTESHARES | Belite Bio Inc Sponsored | 106.1K | $16.3M | 0.3% |
| 64 | RSPSHARES | Invesco Exchange Traded Fd T | 74.4K | $15.8M | 0.3% |
| 65 | TXGSHARES | 10X Genomics Inc | 403.1K | $15.5M | 0.3% |
| 66 | WABSHARES | Wabtec | 56.6K | $15.3M | 0.3% |
| 67 | LLYSHARES | Eli Lilly & Co | 12.4K | $14.8M | 0.3% |
| 68 | XENESHARES | Xenon Pharmaceuticals Inc | 238.6K | $14.4M | 0.3% |
| 69 | OLMASHARES | Olema Pharmaceuticals Inc | 986.8K | $12.3M | 0.2% |
| 70 | 759916109SHARES | Repligen CorpCUSIP 759916109 | 77.4K | $10.6M | 0.2% |
| 71 | RKTSHARES | Rocket Cos Inc | 652.2K | $10.3M | 0.2% |
| 72 | BIDUSHARES | Baidu Inc | 88.2K | $10.1M | 0.2% |
| 73 | ARMSHARES | Arm Holdings Plc | 28.1K | $10.0M | 0.2% |
| 74 | CVNASHARES | Carvana Co | 151.0K | $9.9M | 0.2% |
| 75 | RDDTSHARES | Reddit Inc | 56.5K | $9.8M | 0.2% |
| 76 | AASHARES | Alcoa Corp | 185.6K | $9.7M | 0.2% |
| 77 | TMOSHARES | Thermo Fisher Scientific Inc | 19.2K | $9.6M | 0.2% |
| 78 | DHRSHARES | Danaher Corp Del | 50.3K | $9.6M | 0.2% |
| 79 | FFIVSHARES | F5 Inc | 22.0K | $9.2M | 0.2% |
| 80 | VISTSHARES | Vista Energy S.A.B. De C.V. | 134.7K | $8.6M | 0.2% |
| 81 | 83056P715SHARES | Skeena Res Ltd NewCUSIP 83056P715 | 300.2K | $8.0M | 0.2% |
| 82 | JBSSHARES | Jbs N.V. | 655.9K | $7.8M | 0.1% |
| 83 | 61225M102SHARES | Monte Rosa Therapeutics IncCUSIP 61225M102 | 297.6K | $7.2M | 0.1% |
| 84 | 75943R102SHARES | Relay Therapeutics IncCUSIP 75943R102 | 349.0K | $6.5M | 0.1% |
| 85 | DBVTSHARES | Dbv Technologies S A Sponsored | 383.4K | $6.3M | 0.1% |
| 86 | 12510Q100SHARES | Ccc Intelligent Solutions HlCUSIP 12510Q100 | 1.2M | $6.0M | 0.1% |
| 87 | UWMCSHARES | Uwm Holdings Corporation | 2.6M | $5.9M | 0.1% |
| 88 | 63942X106SHARES | Navitas Semiconductor CorpCUSIP 63942X106 | 311.1K | $5.6M | 0.1% |
| 89 | SOLSSHARES | Solstice Advanced Matls Inc | 62.5K | $5.5M | 0.1% |
| 90 | G3730V105SHARES | Ftai Aviation LtdCUSIP G3730V105 | 20.2K | $5.5M | 0.1% |
| 91 | BEAMSHARES | Beam Therapeutics Inc | 153.6K | $5.3M | 0.1% |
| 92 | AURSHARES | Aurora Innovation Inc | 633.7K | $4.3M | 0.1% |
| 93 | IRENSHARES | Iren Limited | 87.1K | $4.0M | 0.1% |
| 94 | GGALSHARES | Grupo Financiero Galicia S.A | 59.5K | $3.0M | 0.1% |
| 95 | WVESHARES | Wave Life Sciences Ltd | 173.0K | $1.0M | 0.0% |
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