Famed Investor Druckenmiller Dumps Amazon Stanley Druckenmiller, a former colleague of George Soros, bought and sold several stocks in the second quarter Stanley Druckenmiller made a big name for himself when he managed money for hedge fund legend George Soros from 1988-2000. Druckenmiller is now head of Duquesne Family Office, which manages his personal wealth. Forbes estimates his net worth at $6.8 billion. Given Druckenmiller’s successful track record, investors carefully watch his moves. And he made some interesting investment decisions in the second quarter, as revealed by a regulatory filing. Duquesne dumped its entire position of 60,997 Amazon (AMZN) shares in the quarter. That was valued at $9.9 million at the beginning of the second quarter and $6.5 million at the end of the quarter. The holding would have been valued at $8.7 million Aug. 17. Get the hottest FREE crypto newsletter on the block. Sign up to TheStreet's premier newsletter COIN. Druckenmiller sold 279,520 shares of Microsoft (MSFT) . That was valued at $86.2 million at the beginning of the second quarter and $71.8 million at the end of the quarter. Those shares would have been valued at $81.9 million Aug. 17. Microsoft still represented Duquesne’s second biggest holding as of June 30: 740,785 shares, valued at $217.1 million Aug. 17. The sale reduced Duquesne’s Microsoft share count by 27%. CPNG) , a South Korean e-commerce company. Druckenmiller owned 19,434,307 shares as of June 30, valued at $348.3 million Aug. 17. Scroll to Continue TheStreet Recommends ARTICLE Stocks: Trim This, Buy That AUG 9, 2022 4:00 PM EDT ARTICLE Should You Be Buying Energy Stocks? AUG 5, 2022 4:00 PM EDT SPONSORED STORY Guide to Becoming a Master Trader - Step-by-Step Guide JUL 29, 2022 8:19 AM EDT During the second quarter, Duquesne unloaded 134,445 shares, or 14%, of its Chevron (CVX) holding. Those shares were valued at $21.9 million at the beginning of the second quarter and $19.5 million at the end of the quarter. The sold shares would have been valued at $21.2 million Aug. 17. Chevron was Druckenmiller’s third biggest holding as of June 30, with 830,435 shares, valued at $131.1 million Aug. 17. Duquesne established a new position in Eli Lilly (LLY) during the second quarter, purchasing 297,150 shares. That made it Druckenmiller’s third largest position in dollar terms. It was valued at $85.1 million at the beginning of the second quarter, $96.3 million at the end of the quarter, and $94.6 million Aug. 17. Morningstar’s Take on Amazon “Amazon reported good second-quarter top-line and bottom-line results, … and provided an encouraging revenue outlook for the third quarter,” Morningstar analyst Dan Romanoff wrote in a commentary. While Amazon’s cloud business performed well, “the more important takeaway this quarter is that retail-related businesses, especially third-party seller services, are coming back,” he said. Morningstar’s Take on Microsoft In its latest earnings report, Microsoft posted revenue and earnings-per-share results just below the low end of guidance, Romanoff wrote in a commentary. “However, we believe that Microsoft's fundamentals remain sound, as the company's performance was hurt mainly by things beyond its control, such as a stronger U.S. dollar, persistent supply chain issues, further scaling back in Russia, and general macroeconomic pressures.” Want to read more? Check out TheStreet Smarts: The smartest place to start your investment journey. Learn more! BY DAN WEIL Dan is a freelance writer whose work has appeared in The Wall Street Journal, Barron's, Institutional Investor, The Washington Post and other publications.
It's as if a homeless guy lost a lighter somewhere in Skidrow and the next day we had an article about it in Washington'sPost, because, even given his net worth alone (not to mention how much he manages) , that is still almost .1% ~ of his assets. You might say : ,,This ashole with his negative comments again" (me) But i guess, that experienced members don't read such stuff anymore & someone new could learn a thing or two from this comment, about how the game of the ,,news" works.
A $9.9M position for Druckenmiller is a joke. He has more than that in his couch cushions. Why is there an article about this???
When a fund (or an individual small investor) dumps a position it may say something about the closed trade or it may say something about the new trade funds were deployed on. Or both. Agree a $9.9 million position pffft. Maybe they missed a zero or three.
Cool story about Stan: the summer of my freshman year in college I worked as a caterer for his 50th birthday party in the Hamptons. Rod Stewart performed and he got birthday congratulations from some of his clients including Jerome Bettis. I had no idea whom he was at the time, but when I got home I researched him and read about him in Market Wizards. Anyway, he was a nice guy and I think I even served his wife a martini.
LOL. The funny thing is there are threads, I think even on this message board, of people shitting on AMZN back in 1998 or so because it was not making a profit and probably would not make a profit for a million years and it was so overvalued. Sometimes if shit is going up, just get in that shit. Other times though, not so much. God damn life is complicated and sucks LOL....
You dumped it in 1998 because you saw these commercials and thought, "What a dipshit company". This was during the dot.com buildup that led to a terrible pullback when all the shit-hole companies failed... Who's laughing now? Bezos. Kinda' like how I felt when I didn't listen to my gut and get into Facebook's IPO in 2012.
Was thinking the same. ~$10M should be pocket change to him. Not any sort of high conviction trade for him as a discretionary investor in the first place.