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 | 3.1M | $612.7M | 18.1% |
| 2 | INSMSHARES | Insmed Inc | 1.2M | $188.7M | 5.6% |
| 3 | TSMSHARES | Taiwan Semiconductor Manufac | 495.3K | $167.4M | 5.0% |
| 4 | EWZCALL OPTION | Ishares Inc | 4.2M | $162.3M | 4.8% |
| 5 | RSPCALL OPTION | Invesco Exchange Traded Fd T | 821.0K | $157.6M | 4.7% |
| 6 | YPFSHARES | Ypf Sociedad Anonima | 3.2M | $149.6M | 4.4% |
| 7 | EWZSHARES | Ishares Inc | 3.4M | $131.9M | 3.9% |
| 8 | TBBBSHARES | Bbb Foods Inc | 3.1M | $110.0M | 3.3% |
| 9 | AASHARES | Alcoa Corp | 1.5M | $99.1M | 2.9% |
| 10 | NAMSSHARES | Newamsterdam Pharma Company | 3.1M | $98.3M | 2.9% |
| 11 | SESHARES | Sea Ltd | 1.1M | $91.1M | 2.7% |
| 12 | STMSHARES | Stmicroelectronics N V | 2.6M | $90.3M | 2.7% |
| 13 | WWDSHARES | Woodward Inc | 211.4K | $75.6M | 2.2% |
| 14 | TEVASHARES | Teva Pharmaceutical Inds Ltd | 2.4M | $71.6M | 2.1% |
| 15 | ROKUSHARES | Roku Inc | 750.2K | $71.0M | 2.1% |
| 16 | AVGOSHARES | Broadcom Inc | 196.0K | $60.6M | 1.8% |
| 17 | SPYCALL OPTION | State Str Spdr S&P 500 Etf T | 90.0K | $58.5M | 1.7% |
| 18 | CPNGSHARES | Coupang Inc | 2.7M | $50.4M | 1.5% |
| 19 | OPCHSHARES | Option Care Health Inc | 1.9M | $50.3M | 1.5% |
| 20 | AMZNCALL OPTION | Amazon Com Inc | 200.0K | $41.7M | 1.2% |
| 21 | CRHSHARES | Crh Plc | 377.6K | $39.7M | 1.2% |
| 22 | FIGRSHARES | Figure Technology Solutio | 1.2M | $39.1M | 1.2% |
| 23 | ARGTSHARES | Global X Fds | 387.4K | $36.2M | 1.1% |
| 24 | CAISHARES | Caris Life Sciences Inc | 1.9M | $33.9M | 1.0% |
| 25 | QSRSHARES | Restaurant Brands Intl Inc | 454.4K | $33.6M | 1.0% |
| 26 | RVMDSHARES | Revolution Medicines Inc | 315.9K | $30.7M | 0.9% |
| 27 | LSCCSHARES | Lattice Semiconductor Corp | 323.1K | $30.0M | 0.9% |
| 28 | SNDKSHARES | Sandisk Corp | 38.2K | $24.2M | 0.7% |
| 29 | UALSHARES | United Airls Hldgs Inc | 262.5K | $24.2M | 0.7% |
| 30 | HUMSHARES | Humana Inc | 137.5K | $23.8M | 0.7% |
| 31 | WABSHARES | Wabtec | 94.9K | $23.7M | 0.7% |
| 32 | TWLOSHARES | Twilio Inc | 181.8K | $22.9M | 0.7% |
| 33 | JBLSHARES | Jabil Inc | 82.2K | $21.8M | 0.6% |
| 34 | SCCOSHARES | Southern Copper Corp | 121.8K | $21.0M | 0.6% |
| 35 | GSGSHARES | Ishares S&P Gsci Commodity- | 643.0K | $20.7M | 0.6% |
| 36 | LINSHARES | Linde Plc | 41.2K | $20.4M | 0.6% |
| 37 | STXSHARES | Seagate Technology Hldngs Pl | 50.7K | $19.9M | 0.6% |
| 38 | IWMCALL OPTION | Ishares Tr | 79.0K | $19.6M | 0.6% |
| 39 | CLFSHARES | Cleveland-Cliffs Inc New | 2.3M | $19.5M | 0.6% |
| 40 | NUVBSHARES | Nuvation Bio Inc | 4.5M | $19.5M | 0.6% |
| 41 | BESHARES | Bloom Energy Corp | 136.3K | $18.5M | 0.5% |
| 42 | INTCSHARES | Intel Corp | 411.4K | $18.2M | 0.5% |
| 43 | BLTESHARES | Belite Bio Inc Sponsored | 106.1K | $16.9M | 0.5% |
| 44 | PTGXSHARES | Protagonist Therapeutics Inc | 159.7K | $16.8M | 0.5% |
| 45 | USHARES | Unity Software Inc | 738.8K | $16.2M | 0.5% |
| 46 | ARMSHARES | Arm Holdings Plc | 106.7K | $16.1M | 0.5% |
| 47 | OLMASHARES | Olema Pharmaceuticals Inc | 986.8K | $14.7M | 0.4% |
| 48 | QSHARES | Qnity Electronics Inc | 125.7K | $14.5M | 0.4% |
| 49 | ADMASHARES | Adma Biologics Inc | 1.5M | $13.9M | 0.4% |
| 50 | XENESHARES | Xenon Pharmaceuticals Inc | 238.6K | $13.9M | 0.4% |
| 51 | JBSSHARES | Jbs N.V. | 655.9K | $11.8M | 0.3% |
| 52 | DAKTSHARES | Daktronics Inc | 562.6K | $11.0M | 0.3% |
| 53 | NETSHARES | Cloudflare Inc | 52.5K | $10.8M | 0.3% |
| 54 | LYBSHARES | Lyondellbasell Industries Nv | 131.4K | $10.6M | 0.3% |
| 55 | VISTSHARES | Vista Energy S.A.B. De C.V. | 134.7K | $10.2M | 0.3% |
| 56 | TWSTSHARES | Twist Bioscience Corp | 206.0K | $9.8M | 0.3% |
| 57 | COHRSHARES | Coherent Corp | 40.4K | $9.6M | 0.3% |
| 58 | AMZNSHARES | Amazon Com Inc | 45.8K | $9.5M | 0.3% |
| 59 | CLSSHARES | Celestica Inc | 33.3K | $9.4M | 0.3% |
| 60 | STUBSHARES | Stubhub Hldgs Inc | 1.4M | $8.5M | 0.3% |
| 61 | DBVTSHARES | Dbv Technologies S A Sponsored | 383.4K | $8.0M | 0.2% |
| 62 | MUSHARES | Micron Technology Inc | 23.4K | $7.9M | 0.2% |
| 63 | SATSSHARES | Echostar Corp | 60.8K | $7.1M | 0.2% |
| 64 | ALMSHARES | Almonty Inds Inc | 469.9K | $6.8M | 0.2% |
| 65 | PCTSHARES | Purecycle Technologies Inc | 963.2K | $5.0M | 0.1% |
| 66 | LITESHARES | Lumentum Hldgs Inc | 7.0K | $4.9M | 0.1% |
| 67 | MELISHARES | Mercadolibre Inc | 2.8K | $4.8M | 0.1% |
| 68 | SOLSSHARES | Solstice Advanced Matls Inc | 62.5K | $4.8M | 0.1% |
| 69 | WLKSHARES | Westlake Corporation | 21.2K | $2.5M | 0.1% |
| 70 | WVESHARES | Wave Life Sciences Ltd | 173.0K | $1.3M | 0.0% |
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