Stanley Druckenmiller Closes Duquesne Capital, Ends 30 Year Career

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 08/18/2010 - 10:44 | 528073 Sudden Debt
Sudden Debt's picture

30 percent annually since 1986

Another PONZI apocalypse about to hit the news anytime soon? I love it when they play out the "Family" card.

Wed, 08/18/2010 - 10:41 | 528074 LoneStarHog
LoneStarHog's picture

Mr. Druckenmiller should hire the traders on the Yahoo! boards, as they all have PERFECT (Goldman) trading records, long or short.

Wed, 08/18/2010 - 10:52 | 528095 mephisto
mephisto's picture

HF Druckenmiller STOP <Enter>. 

Wed, 08/18/2010 - 10:59 | 528111 Sudden Debt
Sudden Debt's picture

Format D:/Cubicle5184HFD

Copy C:/Aziansluts16 D:/Cubicle5184HFD


Wed, 08/18/2010 - 10:54 | 528103 nonclaim
nonclaim's picture

I want to see the results of retail investor shops like ameritrade, etrade, optionsxpress, etc... I was a very active trader until two years ago and now I don't even bother logging in. Still have two short positions that are in the money but considering close.

Wed, 08/18/2010 - 12:40 | 528381 Waterfallsparkles
Waterfallsparkles's picture

I am the same boat you are.  I used to make a little extra money each month trading.  It was enough to help supplement my Income.  But, as with you about 2 years ago I had to stop tradeing.  It became more and more difficult to make any money trading.  1/2 th time I was always waiting to "get even".  After a while it does become more and more stressfull and seem to end up not making any Money. 

I also am holding a few stocks under water and will not sell them.   I will either lose it all or they will go up.  Either way my Account is DOA.  No Trading.

Wed, 08/18/2010 - 10:55 | 528104 crosey
crosey's picture

Let's check in on what he is doing in 6 months....that's when we'll learn what he really has in mind.

Until then, golf and family works for me!

Wed, 08/18/2010 - 11:01 | 528114 quintago
quintago's picture

hide your wife, hide your children, hide your husbands, because they be rapin errybody out here

Wed, 08/18/2010 - 15:24 | 528790 rmsnickers
rmsnickers's picture can runteldat homeboy.

Wed, 08/18/2010 - 15:41 | 528832 NotApplicable
NotApplicable's picture

Boo Hiss to the Junkers! (unaware of the meme, or simply too cool for it?)

Hide your wife and kids indeed!

Wed, 08/18/2010 - 11:02 | 528115 benevolous
benevolous's picture

I guess Gary Cohn of Goldman Sachs has made his point.


Sorkin reveals an extraordinary telephone conversation between Stanley Druckenmiller, a George Soros acolyte worth $3.5 billion, and Gary Cohn, Goldman’s president. Cohn attempts to persuade Druckenmiller (whom he had long counted as a friend) not to withdraw all his funds from Goldman: “I’m learning who my friends are and who my enemies are, and I’m making lists.” The hedge fund boss shoots back: “It’s my livelihood. I’ve got to protect myself and I don’t really give a shit what you have to say.”






Wed, 08/18/2010 - 13:18 | 528201 DarkAgeAhead
DarkAgeAhead's picture

I generally distrust any guy who uses 3 names, but this is pretty good.

Wed, 08/18/2010 - 15:16 | 528768 ToNYC
ToNYC's picture

Dark Age Ahead is three words no matter how you scrunch them. Trust me.

Wed, 08/18/2010 - 16:53 | 529033 DarkAgeAhead
DarkAgeAhead's picture

Ha, point taken.  I wouldn't trust me either.

Wed, 08/18/2010 - 11:03 | 528119 Trichy
Trichy's picture

Trading is great, it paid for my second pacemaker and my drinking habits that move in close correlation with the VIX.

Wed, 08/18/2010 - 11:09 | 528135 crosey
crosey's picture

LOL!  Funny as hell.

Wed, 08/18/2010 - 12:43 | 528392 Headbanger
Headbanger's picture

Me three! Cheers!

Wed, 08/18/2010 - 15:16 | 528771 ToNYC
ToNYC's picture

When you get off the trading carousel, will you be far from where you began?

Wed, 08/18/2010 - 11:07 | 528130 william the bastard
william the bastard's picture

30 pc returns on as much as 7 to 1 leverage in the greatest bull market of all time.  It's just been a trading market since 2000.  Druck is too old to trade. The bull market is dead. Long live the Bear.

Wed, 08/18/2010 - 11:26 | 528166 Cerulean
Cerulean's picture

You have a very good point.

We've had the biggest bull market ever over the last 25 years and most of these big HF which are very leveraged returned, say 20% over the period.

While 20% annually over 20 years is brilliant, considering  the circumstances ( Leverage and bull market) it's nothing to write home about.

Having said that, very few managed it.

Wed, 08/18/2010 - 11:35 | 528196 william the bastard
william the bastard's picture

Just looked up the 13F. Heavy sector bet on oil using larger mid caps and banking sector bet using large caps. Nothing to see here. Down 5 pc this year. Figures. Still scratching head about 30pc annualized.

Wed, 08/18/2010 - 11:14 | 528143 Bankster T Cubed
Bankster T Cubed's picture

Robertson quit after seeing the markets were, as evidenced by the 99-00 bubble run, broken

Stan D quiting after seeing GFS JPFM and the NYFFED taking the hindmost?


Wed, 08/18/2010 - 11:36 | 528151 firstdivision
firstdivision's picture

Unwinding a $30B fund will cause some panic selling, unless the Fed is buying all the funds positions.

[EDIT] Guess it wasn't $30B like I heard reported on BBTV.[/EDIT]

Wed, 08/18/2010 - 11:25 | 528168 ARW
ARW's picture

"...returns that had averaged 30 percent annually since 1986."




Wed, 08/18/2010 - 12:02 | 528271 ZeroPower
ZeroPower's picture

If its an avg i dont see why its so impossible.

Wed, 08/18/2010 - 11:30 | 528183 Cerulean
Cerulean's picture

I think he's right. He should have done it years ago.

Why bother managing others people money when you're a billionnaire. Not worth the headache.

Is it greed?

The cleverest of the lot was the guy who took over from Peter Lynch at Magellan, rode the dot com bull market, pocketed $500 millions for himself and then got out to manage his own money.


Wed, 08/18/2010 - 11:39 | 528208 redpill
redpill's picture

Not greed.  At some point people pour so much of their life into their work that it defines them, and without the grind they no longer know what to do with themselves.  They give up hobbies and leisure thinking they can enjoy them later, only to find that by stripping them out of their life they entirely forget how to relax and enjoy life.  In retirement they become a borderline OCD shell of a human being fidgiting about and driving their spouses insane.

"Battle not with monsters, les ye become a monster, and if you gaze into the abyss, the abyss gazes also into you."

Wed, 08/18/2010 - 11:59 | 528263 Young
Young's picture

It's not (only) the money, it's the game. If you don't love the game anymore, why bother?

Wed, 08/18/2010 - 11:39 | 528211 Dr. Copper
Dr. Copper's picture

Right, because the retail investor really a) tries to and b) expects to achieve a 30% return every year.  Give me a fuckin break.

Wed, 08/18/2010 - 11:49 | 528231 Nihilarian
Nihilarian's picture

? And yet we had a housing bubble. History repeatedly demonstrates that retail investors always try to (vainly) and expect (naively) such returns, holmes.

Wed, 08/18/2010 - 11:43 | 528225 HedgeFundManager
HedgeFundManager's picture

Whatever, Goldman Sachs made money 100% of the time in the first quarter. Druckenmiller ain't shiat.  :-)

Wed, 08/18/2010 - 11:53 | 528251 firstdivision
firstdivision's picture

If only Druckenmiller had that direct line to the Feds, Treasury, and Oval Office like JPM and GS.

Wed, 08/18/2010 - 12:18 | 528322 SheepDog-One
SheepDog-One's picture

Stanley Drunkenmiller should get on the Leo sunshine bandwagon and load up on Chinese solar stawks and mutter about 'big upside surprises soon!'

Wed, 08/18/2010 - 12:35 | 528369 godfader
godfader's picture

Julian Robertson's Tiger closed up shop in 2000, yet the next 10 years were full of amazing opportunities for the retail investor/trader.

Wed, 08/18/2010 - 12:46 | 528400 Headbanger
Headbanger's picture

"And retail investors hope to have any chance in this market"


Well you better sell ZH while you still can Tyler if us retail investors have no chance.

Wed, 08/18/2010 - 13:18 | 528483 doolittlegeorge
doolittlegeorge's picture

this "game" now involves extremes forms of personal violence.  when you look at "the City" being a wreck you understand how stinkin' small not only your "billions" are but YOU are as well.  The indvidualistic nature of investment sites and indeed investment itself makes it sound like YOU are OH SO IMPORTANT.  In fact all of us are meaningless worms and are merely waiting to have our "self" be recognized as such.  This man lived during an extraordinary time for investment returns.  Needless to say "this is time is different" indeed.  Once the bankers "turn to the other black hole" it is simply impossible for them not to foresee the consequences.  "Take a look in the mirror and see the echo overwhelm the voice."  That "echo" of course is of a collective will and indeed isn't it fascinating to see a "mis-read electorate."  Now MOVE ALONG.  Nothing going on here.

Wed, 08/18/2010 - 13:40 | 528541 Spigot
Spigot's picture

Note to self: watch who is doing what. Ask 'what do they know?'.

Wed, 08/18/2010 - 17:18 | 529097 Unscarred
Unscarred's picture

Plenty of time to get his affairs in order before the season opener.

Wed, 08/18/2010 - 18:13 | 529197 Leo Kolivakis
Leo Kolivakis's picture

Yeah, and we expect individuals to take care of their own pensions. GLTA!!!

Thu, 08/19/2010 - 05:22 | 529825 rolo
rolo's picture

This is a damn shame - the guy is/ was a total legend.  A real trader too who understood that it isn't just all about fundamentals, there is a place for technical analysis and market action.  Druckenmiller also understood the basic principles of trading well which shows in his track record.  Even if he thinks he underperformed over the last three years.

Sad to see him go.  One less real trader out there.

Sat, 10/02/2010 - 06:55 | 620620 Herry12
Herry12's picture

There are certainly a lot of details like that to take into consideration.I read and understand the entire article and I really enjoyed it to be honest.
virtual server hosting
windows 2008 vps hosting
mssql hosting
windows vps server

Do NOT follow this link or you will be banned from the site!