Stanley Druckenmiller - I remember being a brat when I was little, we used to play board games at our house constantly. And I really did not like to lose when I play board games and just something I was born with. It's a it's somewhat of a curse, but it also has its advantages in terms of pushing you to perform
and push it and therefore when with success, widening your opportunities to do a range of things. Yes, yes. But But beyond that, what is it about markets that's magical for people who love the idea of what they not only represent, but the challenge they offer? Yes. So I'd say there's two things. Number one, I love trying to put a puzzle together, visualize the future. And particularly if you have a different view than other people. And if you do that, right, the security prices in the future will reflect that. And there's, there's a great satisfaction to having solved that puzzle. And the nice thing is, you get your grades in the paper every day, there's no subjectivity in the money man's business. It's right there. And if you're screwing up those numbers every day. Yeah. And I I love the objectivity of that. I always have
George Soros, and the relationship the two of you had I mean, because you were there. You were the guy. When the great decision based on the devaluation of the pound happened. Yes. Right.You bet, right? Yes. And you bet a lot. Yes. And you made a billion dollars plus, on one day,something like that. Yes.Something like that, you know, precisely. Okay, true. So who has? Who has of use a polite term?

Who has the most the biggest nerve? You are George? Oh, I'd say, George ice water. George has more ice water than I do. I'd say, if you looked at our records are they're very comparable. When he ran quantum and I ran quantum there, they're almost within decimal points. And I'd say George made more spectacular events. And my record was a little more the bets were more consistent, but the results were pretty much the same.But do you agree with him in terms of that, you know, if you see an opportunity, just go all in? Oh, yeah. If there's one thing I learned from George, and what made me a better money manager, because of George, it's exactly that. It's not whether you're right or wrong. It's how much money you make when you're right. And how much you lose when you're wrong. Yeah, so and how confident you are that you're right.
Yes, but up until that point, I had a very good record. But it was only after I was the George that I learned how much you should really press a bet when your confidence level is extremely high, the next generation will pay that bill as opposed to seniors today. So there's a there's a terrible unfairness about about what we're looking at today. And as you probably know, one of the problems is we are allocating more and more resources toward transfer payments to senior and away from things like Headstart, NIH grants, investments in education. So you're also having the seed corny
problem. Okay, so but we're okay.

There are lots of things that come out of all this. Number one, I hear you, you know, and I think other people recognize the problem we face, you know, and but you're raising, you're basically sound young people, you got to do something, you got to get organized, you have to take it in your responsibility, otherwise, you're going to face a crushing burden. Yes, they're going to,and you will have to pay more, and they won't, you won't get your pet to pay more, and you won't get out as much. Because people who are older, are getting out what they were promised.
Yeah, it's one of the things, one of the things I bristle at is that I've read in some of these things that I'm anti entitlement. Yeah, well, I'm gonna get that that's fine. I'm fine. I'm not anti entitlement. I want you today to enjoy the benefits of the social security net, and, and that retirees today enjoy. And if we continue to share the pie the way we're doing it, there's going to be nothing left and for the youth of today, so it's not that I'm anti entitlement. It's that I'm for sustainability of entitlement, but those who stand up to say, look, just we just gotta let the baby boom generation get through the system. And then we can figure all this out.Well, that's where my day job comes in. And that's where that is total nonsense. Because what happens is, that's the rat through the Python theory. Once the rat goes through the Python, you're fine. By the time the 20 or 30 years are up when the baby boomers are over.


Subscribe to us : [ Ссылка ]

#stanleydruckenmiller #horizonsfinance #investing

свернуть