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
| # | Ticker | Name | Shares | Value | % Port |
|---|---|---|---|---|---|
| 1 | BRK-A | BERKSHIRE HATHAWAY INC DEL | 19.4M | $9.8B | 27.6% |
| 2 | WASTE | WASTE MGMT INC DEL | 28.9M | $6.4B | 18.0% |
| 3 | CANAD | CANADIAN NATL RY CO | 51.8M | $5.1B | 14.5% |
| 4 | MSFT | MICROSOFT CORP | 7.7M | $3.7B | 10.5% |
| 5 | CATER | CATERPILLAR INC | 6.4M | $3.6B | 10.3% |
| 6 | DEERE | DEERE & CO | 3.6M | $1.7B | 4.7% |
| 7 | ECOLA | ECOLAB INC | 5.2M | $1.4B | 3.9% |
| 8 | WALMA | WALMART INC | 8.4M | $934.8M | 2.6% |
| 9 | FEDEX | FEDEX CORP | 2.4M | $688.7M | 1.9% |
| 10 | COCA- | COCA-COLA FEMSA SAB DE CV | 6.2M | $588.6M | 1.7% |
| 11 | WASTE | WASTE CONNECTIONS INC | 2.0M | $357.6M | 1.0% |
| 12 | COUPA | COUPANG INC | 9.2M | $218.2M | 0.6% |
| 13 | MADIS | MADISON SQUARE GRDN SPRT COR | 592.4K | $153.2M | 0.4% |
| 14 | SCHRO | SCHRODINGER INC | 7.0M | $124.8M | 0.4% |
| 15 | WEST | WEST PHARMACEUTICAL SVSC INC | 444.5K | $122.3M | 0.3% |
| 16 | PACCA | PACCAR INC | 1.0M | $109.5M | 0.3% |
| 17 | ANHEU | ANHEUSER BUSCH INBEV SA/NV | 1.7M | $109.1M | 0.3% |
| 18 | MCDON | MCDONALDS CORP | 334.9K | $102.4M | 0.3% |
| 19 | DANAH | DANAHER CORPORATION | 373.0K | $85.4M | 0.2% |
| 20 | KR | KRAFT HEINZ CO | 2.5M | $60.0M | 0.2% |
| 21 | HORME | HORMEL FOODS CORP | 2.1M | $49.4M | 0.1% |
| 22 | ON | ON HLDG AG | 500.0K | $23.2M | 0.1% |
| 23 | VERAL | VERALTO CORP | 124.3K | $12.4M | 0.0% |
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