legend Stanley Druckenmiller
Wednesday, August 18, 2010
Hedge-fund legend Stanley Druckenmiller, who has never had a losing year in his three-decade career, told his 100 clients Wednesday that he's shutting his firm, according to a media report.
"Managing more than $10 billion seems to challenge my long-term standard" for investment performance, Druckenmiller told Bloomberg in an interview.
Here’s a sampling of Mr. Druckenmiller’s exploits through the years:
1987: Mr. Druckenmiller reads Mr. Soros’s book “Alchemy of Finance” and arranges a meeting with the manager of the famed Quantum Fund. Working at the Dreyfus funds at the time, Mr. Druckenmiller avoided the worst of the market crash in 1987.
Sufficiently impressed, Mr. Soros hired Mr. Druckenmiller to manage his fund.
1992: Mr. Druckenmiller orchestrates Mr. Soros’s $10 billion bet that the Bank of England would have to devalue the pound. When the pound broke, Mr. Druckenmiller had made more than $1 billion for the fund.
The bursting of the dot-com bubble in March 2000 crushes Quantum’s portfolio, prompting Mr. Druckenmiller to quit his post managing the Quantum Fund after a dozen years. Mr. Druckenmiller, however, was unmoved.