Stanley Druckenmiller Famous Quotes
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I've always loved to play games, and face it: investing is one big game. You need to be decisive, open-minded, flexible and competitive.
Soros is the best loss taker I've ever seen. He doesn't care whether he wins or loses on a trade. If a trade doesn't work, he's confident enough about his ability to win on other trades. There are a lot of shoes on the shelf; wear only the ones that fit. If you're extremely confident, taking a loss doesn't bother you.
I love being around kids. I couldn't figure out why all these 70-year-olds wanted to hang out with me when I was 27. Now I understand, and I'm trying to steal their energy from them like they stole from me at the time.
I think ageing demographics is a bigger issue in China than people think. And the problems it creates should be become evident as early as 2016.
If machines do everything well, including allocating capital and resources efficiently, can that be deflationary, can that eliminate poverty? I don't know. It's hard to be very optimistic if you look at how humans have behaved historically.
For 30 years I've been responsible for managing client money, and it's been a joy, but at some point I need to move on. Thirty years is enough.
I particularly remember the time I gave (the research director) my paper on the banking industry. I felt very proud of my work. However, he read through it and said, 'This is useless. What makes the stock go up and down?' That comment acted as a spur. Thereafter, I focused my analysis on seeking to identify the factors that were strongly correlated to a stock's price movement as opposed to looking at all the fundamentals. Frankly, even today, many analysts still don't know what makes their particular stocks go up and down.
Everyone sort of lives with their rulers in the past and doesn't look at coming changes.
Good debt growth is when you borrow money, and it goes into the real economy. You do capital spending. You build businesses.
Once you make a lot of money, it's incredibly enjoyable to give it away. It's a way to satisfy the soul.
