Stanley Druckenmiller talks about if we're in a tech bubble, what makes a great investor, and more
Ғылым және технология
Stanley Druckenmiller is widely considered one of the greatest investors ever. During one stretch, he compounded assets at 30%+ a year for 30 straight years.
Recently, he sat down to discuss:
* the parallels between recent rally and the Dotcom bubble
* the biggest risk to the equity market
* how he uses TOGGLE for his investment decisions
* knowing when to sell
* managing emotions when investing
* figuring out what makes a stock go up or down
Read the full interview here: thehustle.co/stanley-druckenm...
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On the parallels between the recent tech sell-off and the Dotcom Bubble
Takeaway: Like the Dotcom Bubble, current tech valuations are “speculative”. However, Druckenmiller believes today’s high-growth tech stocks - particularly those involved with digital transformation (e.g., cloud stocks) - will be able to grow into these valuations within 3-4 years.
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On the potential for a strong value stock comeback
Takeaway: There is likely more money to rotate out of growth stocks into value stocks. The Big Tech names (e.g., FAAMG) should not be seen as growth stocks, though, and actually offer decent value at current prices.
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On which of the FAAMG names might first reach $5T
Takeaway: As a total guess, Amazon followed by Microsoft.
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On the biggest risks to the equity market
Takeaway: The biggest risk is if rising inflation forces the US Federal Reserve to raise interest rates.
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On the long-term effects of the retail trading and Wall Street Bets
Takeaway: Retail traders will remain a force, but with investments in less “radioactive names” than GameStop.
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On how Toggle or other investing tools could have been used in the 1980s
Takeaway: Druckenmiller believes in having a multi-disciplinary approach to investing (e.g., fundamentals and technicals). A product like Toggle - which creates financial analytical tools for hedge funds and retail alike - is another useful tool for an investor to have in the toolkit.
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On making concentrated, high conviction bets
Takeaway: The best investors (e.g., Warren Buffett, Carl Icahn, George Soros) make concentrated bets in high conviction plays. They don’t practice the business school teaching of “diversification”.
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On knowing when to sell
Takeaway: If the reason you bought a security changes, then you should sell. Conversely, just because a stock falls XX%, it doesn’t mean you have to sell if the thesis remains.
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On managing emotions while investing
Takeaway: Fighting emotions is a lifelong battle in investing. It doesn’t matter how long you’ve been in the game.
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On the biggest investing mistake he’s made
Takeaway: Druckenmiller lost $3B by buying in at the top of the Dotcom Bubble. Even with 20+ years of investing experience at that point, he couldn’t stomach watching others make money while he was on the sidelines.
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On figuring out what actually makes a stock go up or down
Takeaway: A lot of people can do fundamental analysis, but finding out what actually makes a stock move requires more digging.
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On Bitcoin
Takeaway: Bitcoin was a solution in search of a problem. It found one: Fed Chair Jerome Powell and his very loose monetary policy.
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On Bitcoin vs. Ethereum
Takeaway: Bitcoin has likely won the “store of value” battle for crypto. Druckenmiller sees Ethereum as potentially a Yahoo or MySpace: an early-mover technology that was replaced by a better product (Google, Facebook).
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On Dogecoin
Takeaway: It’s all a joke to Druckenmiller. He just starts laughing when he sees it go up. He won’t short it because he doesn’t “like putting campfires out” with his face.
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On career advice for 20-year olds
Takeaway: Try different careers until you find something you’re passionate about. Druckenmiller said he would participate in the investing industry even if he only made $50k a year. Prioritize happiness over money.
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On when (or if) he will retire
Takeaway: Druckenmiller wants to have a connection to the investment markets every day so he doesn’t ever see fully retiring.
Пікірлер: 244
Amazing druckenmiller gives one of his best ever interviews to a little known kid who shows more insight than any if the cnbc raking heads
@povilas007
3 жыл бұрын
Yes, this is the best video about investing I have seen in a while!
@adamsmith4982
3 жыл бұрын
Literally my exact thought in the first 10 minutes.
@finchdoobies
2 жыл бұрын
I know right, pretty sick
@1992jakethomas
2 жыл бұрын
This kid is the Druck to his Soros
Thank you for this interview. You just let Stanley speak without interruption, which means that viewers can get what he really wants to say.
@istvanpraha
3 жыл бұрын
Yeah, though I learned this with age. Being silent and not having to give "yup" "right" etc becomes more comfortable with time.
@brucerobtoy4286
3 жыл бұрын
X,, x, cg,,
@JoaoSilva22222
2 жыл бұрын
I felt the same!
@chrisj8764
Жыл бұрын
This is SO important when talking to any of the maestros
Stanley is a great guy. Very open about his mistakes. As solid as they come.
Fantastic interview. Appreciate Druckenmillers humbleness and openess
Of the last 10 years, This is one of the most candid and insightful interviews of Stan Druckenmiller.
@matthewlanders9644
3 жыл бұрын
i was thinking that same thing.
@Garce227
Жыл бұрын
Brilliant 🙏
Stan you are a class act. You gave this young kid the interview of his life.
So true. “The Higher It Goes, the Cheaper It Looks” It’s hard to avoid that feeling
@petelipson3769
3 жыл бұрын
Speros Drelles:)
I've always admired Stanley. He seems like a very good person, not just a great investor.
@MartinSage
Жыл бұрын
He is a nice man.
@susanwolf3654
Жыл бұрын
Now that l see this today ,you see he is a good investor since he predicted the stock market bubble ayear ago,So he is a Good investor not just a nice person!
What a class act Druckenmiller is! Really enjoyed this.
Great interview with a living legend!
The everything bubble - Druckenmiller is one of the clearest thinking investors and this was one of his better interviews mainly because the interviewer let him talk at length
Great interview! Thanks for taking the time to ask him questions we all care about
Extremely valuable interview. Thank you for letting him talk without interruption.
Great interview! Well done to the interviewer and kudos to Stan for taking part!
Who is this kid and how did he get Stan on his show? That’s the trade secret of the century!
@Wa7edmenalnass
3 жыл бұрын
The answer is simple TOGGLE.ai .
@ChrisChowShow
3 жыл бұрын
That's Trung Phan, he writes for the Hustle and has great Twitter threads about investing and business: twitter.com/TrungTPhan
@ehudklein
3 жыл бұрын
haha exactly
He is an honest guy with huge amount of experiences, rare to find in asset management business today - here is a good example that the respect of a legend has to be earned. I can understand why Soro's put his faith on this guy.
Stan Druckenmiller's father-in-law was my first boss in the money management world. I learned many lessons but the one that rings so very, very true as Stan recounted his error in buying back tech stocks in 2000, is this adage: You can lose an opportunity or you can lose money!
Druck has more portrait in his office than any other fund manager combined... Great interview and Stan is the GOAT
Stan one of the greatest of all time. Such a nice guy. I was also impressed with the flow of the interview, young interviewer did really well.
Wow - scoring an interview with Mr Druckenmiller - well done!
Stan was right on to point out that the biggest risk to the market was equity would crash down when Fed started tightening.
One of the most enjoyable business and investment interviews in a long time. Thanks
This is incredible stuff, how a true investing genius and a billionaire can be so sincere and admit his mistakes and share all his wisdom with the rest of us. Stanley is a true gentleman, but kudos also to the host, great vid!
I like and respect the guy. Thanks for interview
Druckenmiller is amazing... he's a top 5 investor in my book
Great interview. Stan is the best. He’s a class act. Keep up the good work.
Great interview, Druck is always required viewing and really good young interviewer also.
What a champ interview! Awesome to see Druck shilling Toggle and engaging in the interview. Excellent facilitation - super!!
I am your age Stanley and when I was twelve I saw people retiring at 65 and dying within a few years. Twenty years later I saw the same thing again in the workplace. Men retired, went fishing, played golf, traveled around the country but otherwise pissed their wives by getting under their feet (they were used to having house to themselves). What was apparent was they went from high technical in demand at the cutting edge to being just some guy - their sense of self and worth plummeted and you could see in their eyes and mannerisms. Keep at it and the mind active and engaged I say.
Excellent interview It takes a Big Man to be that honest about his mistakes in the brutal game of investing and the weak moments, and the heart to come back again and again SD grew two times in my eyes
The synopsis in the full interview text file you wrote was very much appreciated.
Always a pleasure to listen to Stanley !
Great interview. Thanks guys
How can anyone possibly dislike this video ?
Outstanding interview with valuable insights. Thank you both!
Excellent interview, chock full of practical insights and wisdom.
Legendary, great clarity of thought 👍🏼👏
The driver of his success is intellectual humility
What an absolutely excellent interview.
Always is a pleasure to listen to Druckenmiller. Could not get enough of his wise speeches.
Excellent interview! Really enjoyable to listen to 👍
Enjoyed your discussion tremendously. Great interview. I got a lot out of it, thank you
Great conversation, Thank you!
Thanks for the interview!
What moves a stock? Unfilled orders from big money is really that simple!
What a great great interview!!! Thanks a lot!!!
Never heard of this channel, but after watching this interview I'm a big fan.
Excellent chat and insights! Tks a lot
What a Great interview. Stanley Druckenmiller is a really nice guy!!!
Excellent interview 👍
Stan Druckenmiller, what a guy!!
Thanks guys big time, your interview was really interesting and informative! Plenty of nuggets in it!
Who knew Drunkenmiller is such a wise, humble and humorous guy!
@kingzion3032
3 жыл бұрын
Everyone in the industry.
@TimKyoutube
3 жыл бұрын
pretty much everyone lol
Fantastic, it was a great interview, Stan the legend!
This is so great. Stan is a real legend
Amazing, thanks to both!
This man is a legend 😃 🤟
Great interview! 👍
I watched most of Druck interviews in the last few years. The man is true American patriot, who worry about the future of the country, and is dread serious on "talking heads TV" It looks he really had fun during this interview, which makes it special
Exceptional interview. Nice job.
You can tell Mr druckenmiller it helped me a lot. Great interview
Good job, great interview !
One of 29 k people to enjoy this. Blessed
Great interview. Nice to see one of the greats using such a tool👍
Really great interview
This is a good interview!!
Excellent interview
Fantastic interview 🙏🏼
great interview thank you!!!
And also well done Trung you made it a really enjoyable as well as informative interview
Thank you Mr Stanley -young folks
Fantastic, thanks so much
Good job on the interview 👍
great interview!
Great interview
very good interview. you really left stan confortable
Awesome interview Stanely Druckenmiller is a investor I find very fascinating. I wish he wrote a book.
Just got Toggle. I love this! Great interview dude. Stan is also the man. I am still wondering how tall he is? I guess 6,5
Great discussion.
But what is the railroad today? E-Commerce? AI? Self-Driving cars? Augmented Reality? Drones? Even as a computer scientist I found it difficult to comprehend the potential of the cloud.
Terrific questions.
Fantastic interview! Timeless wisdom. Thank you, for uploading.
great talk, love mr. druckenmiller.
Who’s KZread channel is this? It’s bloody amazing. I hardly ever subscribe to small channels but this kids machine. Especially liked the key takes aways.
Wow... is Druckenmiller involved with Toggle in some way? That's crazy that you guys managed to get an interview with him.
Stan is the GOAT
Great respect for the man
I have no idea who this kid is, but good on Druckenmiller for recognizing talent wherever it may lay.
Fantastic guy. No ego either.
what a great honest dude
So crazy listening to this today as the markets are dropping
Gotta love the Druck!
wow this interview is a gem
@anwarnayani5849
3 жыл бұрын
Yes for sure is a finest quality Gem 💎 ✅ ✅ ✅
WOW you got arguably the best investor alive. Congrats on this interview
What a class act 👍
Favorite quote: “I don’t like putting campfires out with my face!”😆🤣
This was truly a moment in time.. I don't know about you guys n girls .but I think the kid is well on his way to being another...Icon...great time thank you young man and Mr. D.
Great interview 😂🥃
excellent!
this was great