Stanley Druckenmiller shuts firm: another victim of poor market conditions

Discussion in 'Wall St. News' started by MohdSalleh, Aug 18, 2010.

  1. Duquesne's Druckenmiller says retiring after 30 years

    NEW YORK | Wed Aug 18, 2010 11:49am EDT

    NEW YORK Aug 18 (Reuters) - Stanley Druckenmiller, a key player in George Soros' famous bet against the British pound that earned him $1 billion, said he is closing his firm after 30 years.

    In a letter sent to his 100-plus investors on Wednesday, Druckenmiller, chief executive officer of Duquesne Capital Management, said "competing in the markets over such a long timeframe imposes heavy personal costs."

    His Duquesne Capital Management, which oversees $12 billion and has never had a losing year, is down 5 percent in 2010.
  2. I'm interested in knowing what his "heavy personal costs" referring to. Any feedback would be appreciated!
  3. Probably he could not buy another mansion and that did it.
  4. Poor market conditions = inability to adapt to new market conditions.
  5. No. He along with millions of traders and HFs are tired of dealing with the constant stream of retards coming out of Washington.
    Weve spent a year and half pursuing policies in the exact opposite way we should be going.

    Favoring big banks and big government and racking up trillions id debt was the worst idea of all time. The next time this thing blows up its going to take out the political system. What comes next no one knows
  6. 007Arb


    Bonds of all sorts and stripes have had a bull run for the ages over the past three years - Treasuries in 2008 and 2010 and Junk and Emerging Markets from December 2008 to present day to name just a few. So I can't understand all this talk about adverse market conditions impacting some of the hedgies. They obviously weren't at the right place at the right time.
  7. ptrjon


    perhaps he's looking back at 30 years of excellent performance and wondering if he would have been better off spending more time with his wife and kids.
  8. poor market conditions ? -- more like poor trading !
  9. Geez, you guys are tough! 30 years in the market, only one losing year, very small, at that, and he decides it's time to retire... that's commendable, no 30% or 40% drawdown, 5% after 30 years... sheesh
  10. My post is just a general statement to 'those' ppl who dwell on the negative -- there are lots of opportunities day in -- day out.

    Money can be made -- but you have to change your attitude first.

    #10     Aug 18, 2010