Stanley Druckenmiller Quotes

People are very focused on value and preservation of capital. They're a lot less risk-prone than they used to be.

To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks.

The way to build superior long-term returns is through preservation of capital and home runs...When you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig.

For all long-term investors, there is only one objective-maximum total real return after taxes.

In the long run, a portfolio of well chosen stocks and/or equity mutual funds will always outperform a portfolio of bonds or a money-market account. In the long run, a portfolio of poorly chosen stocks won't outperform the money left under the mattress.

A good portfolio is more than a long list of good stocks and bonds. It is a balanced whole, providing the investor with protections and opportunities with respect to a wide range of contingencies.

I'm a very passive investor.

I invest in funds myself even though I run my own fund for my daughters.

Successful hedge funds will be entrepreneurial; it is the essence of the craft.

I really did believe that the most successful investments were the ones that you could own for the long run.

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.

The way to become rich is to put all your eggs in one basket and then watch that basket.

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

Investing is for wealth preservation, not wealth creation, so first you have to make wealth.

I’m going to come back to you so you can protect your investment.

You don't make money when you buy stocks. And you don't make money when you sell stocks. You make money by waiting.

The first thing I heard when I got in the business - not from my mentor - was, 'Bulls make money, bears make money, and pigs get slaughtered.' I'm here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig.

Investing should be dull. It shouldn't be exciting.

Just because one happens to be wealthy, it doesn't mean you are naturally any good at building an investment operation that is world-class or successful.

I seek individual investments that will allow me to target total portfolio returns of at least 20% annually after fees and expenses on an annual basis over a period of years, not months.

We are not only one of the largest investment firms but also one of the best performing.

Ultimately, we measure ourselves on the success of our investments.

We’re partial to putting out large amounts of money where we won’t have to make another decision.

What's hot today isn't likely to be hot tomorrow. The stock market reverts to fundamental returns over the long run. Don't follow the herd.

Thousands of people have tried, and the evidence is clear: The more you trade, the less you keep.