1. Greatest Investors: Introduction
  2. The Greatest Investors: John (Jack) Bogle
  3. The Greatest Investors: Warren Buffett
  4. The Greatest Investors: David Einhorn
  5. The Greatest Investors: Stanley Druckenmiller
  6. The Greatest Investors: David Dreman
  7. The Greatest Investors: Philip Fisher
  8. The Greatest Investors: Benjamin Graham
  9. The Greatest Investors: William H. Gross
  10. The Greatest Investors: Carl Icahn
  11. The Greatest Investors: Jesse L. Livermore
  12. The Greatest Investors: Peter Lynch
  13. The Greatest Investors: Bill Miller
  14. The Greatest Investors: John Neff
  15. The Greatest Investors: William J. O'Neil
  16. The Greatest Investors: Julian Robertson
  17. The Greatest Investors: Thomas Rowe Price, Jr.
  18. The Greatest Investors: James D. Slater
  19. The Greatest Investors: George Soros
  20. The Greatest Investors: Michael Steinhardt
  21. The Greatest Investors: John Templeton
  22. The Greatest Investors: Ralph Wanger

Born: June 14, 1953 (Pittsburgh, Pennsylvania)

Key Positions: Pittsburgh National Bank

Duquesne Capital Management

Dreyfus Fund

Quantum Fund

Personal History:
Stanley Druckenmiller grew up in a middle-class family in suburban Philadelphia, later moving to New Jersey and Virginia. Druckenmiller attended Bowdoin College, graduating in 1975 with degrees in English and economics. Although he began a Ph.D. program in economics at the University of Michigan, Druckenmiller dropped out before completing his doctorate so that he could take a job as an oil analyst for Pittsburgh National Bank.

Druckenmiller’s financial career began in earnest in 1977. By the following year, he had already risen to become head of Pittsburgh National Bank’s equity research group. By 1981, he left to create his own firm, called Duquesne Capital Management.

Druckenmiller began to accumulate titles and positions with a number of companies. By 1985, he was a consultant for Dreyfus Fund, which prompted him to split his time between Pittsburgh and New York. In 1988, George Soros hired him to oversee the Quantum Fund. Druckenmiller was working with Soros in September of 1992, when Soros famously shorted the British pound and earned $1 billion in profits overnight.

Druckenmiller parted ways with Soros in 2000, having assumed a number of significant losses in the tech sector. In the intervening time, Druckenmiller’s focus has been exclusively on Duquesne Capital. In 2010, Druckenmiller announced the closing of Duquesne Capital in a letter to investors, explaining that the management of the fund caused a “high emotional toll” due to the internal and external pressures he faced. The fund had a stellar record, with an average annual return of roughly 30% and no single money-losing year on record.

In recent years, Druckenmiller has become increasingly active in the political realm. He has donated to the campaigns of prominent Republican candidates for office, including Chris Christie, Jeb Bush, and John Kasich. He has also made a name for himself as one of the most charitable individuals in the country. Druckenmiller serves as Chairman of the Board of Harlem’s community-based Harlem Children’s Zone. In recent years, Druckenmiller has also shown interest in possible investments in the Pittsburgh Steelers franchise of the National Football League. However, in late 2008 Druckenmiller withdrew a bid to purchase the football team. Druckenmiller maintains a family office to invest his fortune, which totals more than $4 billion.

Investment Philosophy:
Zerohedge.com has referred to Druckenmiller’s “Endgame” presentation as “his most bearish fire and brimstone sermon yet.” This reflects Druckenmiller’s top-down investment style, which he shares with Soros. Essentially, this approach to investing involves the trading of long or short positions in a number of areas based on the investor’s view of probably macroeconomic changes.

Noteworthy Publications:

  • “More Money Than God: Hedge Funds and the Making of a New Elite,” by Sebastian Mallaby (2010)
  • “The New Market Wizards,” by Jack D. Schwager (1995)


“If you’re running a business for the long term, the last thing you should be doing is borrowing money to buy back stock.”

“Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That’s how I started. I watched the stock market, how equities reacted to changes in levels of economic activity, and I could understand how price signals worked and how to forecast them.”

“Good debt growth is when you borrow money, and it goes into the real economy. You do capital spending. You build businesses.”

The Greatest Investors: David Dreman
Related Articles
  1. Investing

    Druckenmiller Added Positions in Three ETFs in Q4

    Stanley Druckenmiller, founder of Duquesne Capital Management, made a number of adjustments to his holdings in Q4, including the addition of three ETFs.
  2. Investing

    Why Druckenmiller Sold His Gold After Election

    The billionaire and former head of Duquesne Capital publicly announced his plans to sell off his gold in recent days. Why?
  3. Investing

    Stanley Druckenmiller Warns: ‘Fed Has No Endgame’

    Why today is like (and not like) 1981 – a warning from Stanley Druckenmiller, the world's most famous forex trader.
  4. Investing

    Billionaire Druckenmiller Backs Fund of Former Soros Traders

    This move sends a clear message to new traders who are debating which funds they want to start their careers with.
  5. Investing

    Druckenmiller Returns to Gold

    The billionaire reveals he's returned to gold, which he had dumped just before the US elections.
  6. Investing

    How to Hedge Against Negative Interest Rates (GLD, GDX)

    Find out why Stanley Druckenmiller believes negative interest rates are dangerous, why the bull market may be ending and why gold might be a good hedge.
  7. Investing

    George Soros Lost Nearly $1B Due to Trump Win

    The noted hedge fund manager lost nearly $1B because he was bearish about the markets following a Trump win.
  8. Retirement

    What Druckenmiller Is Saying About the U.S. Pension System

    Assess the sustainability of the Social Security system in the United States based on Stanley Druckenmiller's warnings. How long can the pensions be funded?
  9. Investing

    3 Billionaire PMs That You Should Follow (BRK.A, KO)

    Explore three portfolio managers, each with a personal net worth exceeding $1 billion, and discover similarities between their investment philosophies.
  10. Insights

    The Top 4 Investors Investing in Gold (GLD, GDX)

    Some of the richest and most well-regarded investors, including George Soros, Jeff Gundlach, Stanley Druckenmiller and John Paulson, are investing in gold.
Frequently Asked Questions
  1. I'm about to retire. If I pay off my mortgage with after-tax money I have saved, I can save 6.5%. Should I do this?

    Only you and your financial advisor, family, accountant, etc. can answer the "should I?" question because there are many ...
  2. My wife and I both converted our Traditional IRAs to Roth IRAs over a decade ago and have invested the maximum allowed each year since. We're buying our first home soon. Do we both qualify for one-time, tax-free, $10,000 distributions?

    You and your spouse each qualify for a penalty-free distribution of up to $10,000 for the purchase, acquisition or construction ...
  3. Is a Thrift Savings Plan (TSP) a qualified retirement plan?

    Take advantage of the government's retirement plan for employees with the Thrift Savings Plan. As with a 401(k), contributions ...
  4. Who manages the assets in a Roth 401(k) account?

    Learn how to personally manage the assets in your Roth 401(k) plan and determine the best options available to help meet ...
Trading Center