Bloomberg just announced that Stanley Druckenmiller is retiring and shutting down Duquesne Capital after 30 years without a losing season.
Druckenmiller, 57, said he was tired of the stress of managing money for others and frustrated by his failure in the past three years to match returns that had averaged 30 percent annually since 1986. His Duquesne Capital Management LLC, which oversees $12 billion and has never had a losing year, is down 5 percent in 2010.
One of the greats has succumbed to the "new normal". I'm not surprised, though I'm sad to see him go. The stuff he did with Soros was SICK.
"He became serious about the idea three or four weeks ago, when Johann Rupert, a friend and chief executive officer of Cie. Financiere Richemont SA, the world’s largest jewelry maker, invited him to play in October at the Alfred Dunhill Links Championship in Scotland, a golf tournament in which both professionals and amateurs compete.
Druckenmiller declined, saying he couldn’t leave the office, given the history of volatile markets in October.
“Are you crazy?” was Rupert’s reply, according to Druckenmiller. “You’ve been doing this for 30 years. You are a billionaire. You can’t take a couple of days off to play golf?”
“I’d had that same thought a hundred times,” Druckenmiller said. He said almost every family vacation had been interrupted by a work emergency."
CONGRATULATIONS to a man who knows the only way to to win the game is to get out of it. For the first time in 30yrs, he owns himself. At a price of $2.8B, he certainly paid a high enough price. Time to enjoy that money!
Couldn't have said it better. Good luck and godspeed to Stan and his family.
Yea, gt remember this is all just a means to an end... on a yacht.
Damn, the man who made quantum what it is today. Scott Bessent even said that he may be the greatest money making machine in history. Cheers to you man and good luck on the green.
Legend
gg
in other news, Brett Favre is back again
http://msnbcmedia.msn.com/i/CNBC/Sections/News_And_Analysis/_News/__EDI… his letter to investors
Go enjoy your money and your family. You spent 30 years doing what you love now enjoy the fruits of your labor.
Edmundo,
The rats are leaving the sinking ship. First Druckenmiller, now Paolo Pellegrini has annouced that he is stepping back from the markets and closing shop. Looks like the smart money is pulling out hard and fast of the markets. According to his closing letter, Pellegrini will return all of his investors capital by September as he closes up the doors to his fund, PSQR Capital. For those that don't know, Pellegrini was the man behind John Paulson's (of Paulson and Co. Fame) CDO trades in the housing market. He left to start his own fund and is closing shop because, as he defines it, "substantial additional work is required to position the fund to profit [From his bearish view]". Chilling words from the man who helped bring down the subprime mortgage industry.
I think this is a bit of a warning of things to come in the Hedge Fund world, not that it's for the better.
As an aside, we have confirmation of the Hindenburg Omen. To quote Zero Hedge:
"Today we got our first Hindenburg Omen confirmation. The number of new highs was 136, and new lows was at 69 (per the traditional WSJ source). Granted this particular criteria set was a little weak as the 69 is precisely on the borderline for confirmation (the 2.2%), and the new highs number was not more than double the new lows (although it was close). Less gating were the McClellan oscillator which was negative at -83.6, and the 10 week MVA, which rose, which were the two remaining conditions. The first omen was spotted on August 12 - a week later the H.O has been confirmed. The more confirmations, the scarier it gets from a technical perspective, not to mention the conversion into a self-fulfilling prophecy (like every other technical indicator). " (http://www.zerohedge.com/article/hindenburg-omen-confirmation-1)
So, confirmation, albeit barely, within a week of the first sighting. Should we be concerned?
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