Citations de Stanley Druckenmiller

Toutes les Citations de Stanley Druckenmiller

1. "When you have conviction, bet big. The way to make superior returns is through concentration, not diversification."

   Source: The New Market Wizards (1992)

   Concentrate capital in high-conviction ideas rather than diversifying broadly.

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2. "Its not whether youre right or wrong thats important, its how much money you make when youre right."

   Source: The New Market Wizards (1992)

   Focus on maximizing gains when right, not minimizing frequency of losses.

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3. "It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong. When you have conviction, bet big."

   Source: Interview with Stanley Druckenmiller (1992)

   Focus on asymmetric payoffs: make more when right than you lose when wrong.

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4. "Liquidity drives markets. When central banks print money, asset prices rise. Follow the money."

   Source: Druckenmiller Interviews (2015)

   Central bank liquidity drives asset prices across all markets globally.

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5. "Never lose big money. A 50% loss requires a 100% gain to recover. Protect your capital."

   Source: The New Market Wizards (1992)

   Never lose big because recovering from large losses requires doubling capital.

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6. "Be willing to change your mind quickly when evidence changes. Ego kills in markets."

   Source: Druckenmiller Interviews (2018)

   Change your mind quickly when evidence contradicts your investment thesis.

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7. "Understand the macroeconomic environment. It determines which sectors and assets will perform."

   Source: The New Market Wizards (1992)

   Understand macroeconomic environment to position portfolios in winning sectors.

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8. "Wait for price to confirm your thesis before sizing up. The market provides feedback."

   Source: Druckenmiller Interviews (2020)

   Wait for price confirmation before increasing position size aggressively.

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9. "Currency markets often lead other markets. Watch FX for early signals of macro shifts."

   Source: The New Market Wizards (1992)

   Currency markets provide early signals of macroeconomic shifts and opportunities.

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10. "Central bank policy is a powerful force. Position your portfolio to align with monetary policy direction."

    Source: Druckenmiller Interviews (2015)

    Align your portfolio with the direction of central bank monetary policy.

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11. "Markets evolve. Keep learning and adapting. What worked yesterday may not work tomorrow."

    Source: Druckenmiller Interviews (2021)

    Markets constantly evolve requiring continuous learning and strategy adaptation.

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12. "Never overpay for a security, no matter how exciting the story. The price you pay determines your return. Discipline in valuation is the foundation of investment success."

    Source: The New Market Wizards (1992)

    Discipline in valuation determines investment success.

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13. "Always estimate the intrinsic value of a business before investing. Compare price to value, not price to past price. The gap between price and value is where profits are made."

    Source: The New Market Wizards (1992)

    Compare price to intrinsic value, not to past prices.

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14. "Invest in businesses with durable competitive advantages, strong cash flows, and management integrity. Quality businesses compound wealth over time and reduce downside risk."

    Source: The New Market Wizards (1992)

    Quality businesses compound wealth and reduce risk.

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15. "Before investing, identify the moat — the sustainable competitive advantage that protects the business from competitors. No moat means no long-term edge."

    Source: The New Market Wizards (1992)

    Identify sustainable competitive moats before investing.

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16. "Not all earnings are equal. Look for recurring, cash-backed earnings rather than accounting profits. High-quality earnings are predictable, sustainable, and convertible to free cash flow."

    Source: The New Market Wizards (1992)

    Evaluate earnings quality, not just quantity.

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17. "The most successful investors stay within their circle of competence. Know what you understand well and resist the temptation to venture outside it."

    Source: The New Market Wizards (1992)

    Stay within your circle of competence.

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18. "Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong."

    Source: The New Market Wizards (1992)

    Develop deep expertise, not surface knowledge.

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19. "Expand your circle of competence gradually over time. Each new area of expertise adds potential opportunities, but only if mastered thoroughly."

    Source: The New Market Wizards (1992)

    Expand expertise gradually, one area at a time.

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20. "Markets are driven by fear and greed. The disciplined investor exploits these emotions rather than being controlled by them. Emotional control is the key competitive advantage."

    Source: The New Market Wizards (1992)

    Exploit market emotions rather than being controlled by them.

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21. "Understanding crowd psychology is essential. When everyone agrees, the opportunity has usually passed. The best time to act is when the crowd is most fearful or most confident."

    Source: The New Market Wizards (1992)

    Act when the crowd is at emotional extremes.

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22. "The best investments often feel uncomfortable because they go against popular opinion. If everyone loves a stock, it's probably overpriced. If everyone hates it, investigate."

    Source: The New Market Wizards (1992)

    Good investments often feel uncomfortable.

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23. "Before considering how much you can make, consider how much you can lose. Risk management is not about avoiding risk entirely, but about understanding and controlling it."

    Source: The New Market Wizards (1992)

    Consider the downside before the upside.

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24. "The size of your position should reflect your conviction and the risk involved. Never bet so large that a single mistake can wipe out your portfolio."

    Source: The New Market Wizards (1992)

    Size positions based on conviction and risk.

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25. "In a world obsessed with quarterly results, patience is the ultimate competitive advantage. Great investments often take years to play out fully."

    Source: The New Market Wizards (1992)

    Patience is the ultimate competitive advantage.

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26. "Compound interest is the eighth wonder of the world. Those who understand it earn it; those who don't, pay it. Time is the most valuable asset in investing."

    Source: The New Market Wizards (1992)

    Compounding is the most powerful force in investing.

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27. "Think in decades, not days. The market rewards patient capital and punishes impatience. Most of the gains in investing come from sitting and waiting."

    Source: The New Market Wizards (1992)

    Think in decades, not days.

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28. "The cardinal rule of investing: buy only when the price is significantly below your conservative estimate of intrinsic value. This builds in protection against error."

    Source: The New Market Wizards (1992)

    Buy only at prices well below intrinsic value.

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29. "The stock market is a no-called-strike game. You don't have to swing at every pitch. Wait for the fat pitch — the opportunity that offers exceptional risk-reward."

    Source: The New Market Wizards (1992)

    Wait for exceptional risk-reward opportunities.

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30. "Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision."

    Source: The New Market Wizards (1992)

    Thorough research precedes every sound investment.

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31. "Have clear, pre-defined sell criteria. Sell when: your thesis is broken, valuation is fully realized, or a significantly better opportunity appears."

    Source: The New Market Wizards (1992)

    Follow pre-defined sell criteria without emotion.

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32. "Regularly review whether your original reasons for owning a stock still hold. If the facts change, change your mind. Holding a broken thesis is the costliest mistake."

    Source: The New Market Wizards (1992)

    Regularly challenge your original investment thesis.

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33. "After every sell, review the outcome. Did you sell too early, too late, or at the right time? Post-mortems on sell decisions improve future judgment."

    Source: The New Market Wizards (1992)

    Post-mortem every sell decision to improve.

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34. "Draw insights from multiple disciplines — psychology, history, mathematics, and science — to build a lattice of mental models for better investment decisions."

    Source: The New Market Wizards (1992)

    Use insights from multiple disciplines for better decisions.

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35. "Think in probabilities, not certainties. Every investment has a range of possible outcomes. Weight your decisions by the expected value of each scenario."

    Source: The New Market Wizards (1992)

    Think in probabilities, not certainties.

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36. "Instead of asking how to succeed, ask how to avoid failure. Inverting problems often reveals insights that forward thinking misses."

    Source: The New Market Wizards (1992)

    Invert problems to find insights forward thinking misses.

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37. "A clear investment philosophy provides an anchor in turbulent times. Know what you believe, why you believe it, and stick to it when tested."

    Source: The New Market Wizards (1992)

    A clear philosophy anchors you in turbulent times.

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38. "Focus on process, not outcomes. A good process can produce bad outcomes in the short run, but will generate superior results over time."

    Source: The New Market Wizards (1992)

    Good process outperforms lucky outcomes over time.

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39. "Develop your own investment philosophy through study and experience. Copying others without understanding why leads to confusion when strategies are tested."

    Source: The New Market Wizards (1992)

    Develop your own philosophy through study and experience.

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40. "Evaluate management by their actions, not their words. Look for a track record of capital allocation, shareholder communication, and aligned incentives."

    Source: The New Market Wizards (1992)

    Judge management by actions, not words.

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41. "Understand the industry structure before evaluating any company. Industry economics often matter more than company-specific factors in determining returns."

    Source: The New Market Wizards (1992)

    Industry structure shapes investment outcomes.

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42. "The principles that make you a great investor — patience, discipline, humility, and continuous learning — are the same principles that lead to a great life."

    Source: The New Market Wizards (1992)

    Investment principles apply to life too.

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43. "The best investors never stop learning. Read voraciously, study history, learn from mistakes, and stay curious about the world. Knowledge compounds like interest."

    Source: The New Market Wizards (1992)

    Knowledge compounds like interest for investors.

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44. "Reputation takes a lifetime to build and moments to destroy. In investing and in life, integrity is the most valuable asset you can possess."

    Source: The New Market Wizards (1992)

    Integrity is the most valuable asset.

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45. "The ideal investment is a high-quality business purchased at a fair price. Quality compounds wealth; fair prices protect capital."

    Source: The New Market Wizards (1992)

    Seek quality businesses at fair prices.

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46. "The market exists to serve you, not to guide you. Use market prices to your advantage — buy when the market offers bargains and sell when it offers premiums."

    Source: The New Market Wizards (1992)

    Use the market as your servant, not your guide.

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47. "Markets move in cycles driven by human emotion. Understanding where you are in the cycle helps you prepare for what comes next and position accordingly."

    Source: The New Market Wizards (1992)

    Understand where you are in the market cycle.

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48. "A systematic approach to investing removes emotion and ensures consistency. Document your process, follow your rules, and review regularly."

    Source: The New Market Wizards (1992)

    A systematic approach ensures consistent investing.

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49. "Use an investment checklist to ensure you don't skip critical steps. Aviation-style checklists prevent costly oversights in investment analysis."

    Source: The New Market Wizards (1992)

    Use checklists to prevent investment oversights.

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