Stanley Druckenmiller

“With my business, the way you make big money is you find a great management team and a good concept, and you stick to it, and you add to it over time. In philanthropy, there was more this idea that once an idea was formulated, you moved along.”

“I've always loved to play games, and face it: investing is one big game. You need to be decisive, open-minded, flexible and competitive.”

“Every serious deflation I've looked at is preceded by an asset bubble, and then it bursts.”

“Soros is the best loss taker I've ever seen. He doesn't care whether he wins or loses on a trade. If a trade doesn't work, he's confident enough about his ability to win on other trades that he can easily walk away from the position.”

“What a company's been earning doesn't mean anything. What you have to look at is what people think it's going to earn. If you can see something in two years is going to be entirely different than the conventional wisdom, that's how you make money.”

“If you're early on in your career and they give you a choice between a great mentor or higher pay, take the mentor every time. It's not even close. And don't even think about leaving that mentor until your learning curve peaks.”

“All in all, I don't think robots and greater automation can bring about a utopian world as I imagined it would as a kid 50 years ago.”

“I love being around kids. I couldn't figure out why all these 70-year-olds wanted to hang out with me when I was 27. Now I understand, and I'm trying to steal their energy from them like they stole from me at the time.”

“Earnings don't move the overall market; it's the Federal Reserve Board... focus on the central banks, and focus on the movement of liquidity... most people in the market are looking for earnings and conventional measures. It's liquidity that moves markets.”

“I don't like the repeal of the estate tax.”

“Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That's how I started. I watched the stock market, how equities reacted to change in levels of economic activity, and I could understand how price signals worked and how to forecast them.”

“I believe that good investors are successful not because of their IQ, but because they have an investing discipline. But, what is more disciplined than a machine? A well-researched machine can make many average investors redundant, leaving behind only the really good human investors with exceptional intuition and skill.”

“I think old people like Hillary Clinton and I shouldn't try and be cool with social networks, you know; maybe she should leave that stuff up to Chelsea.”

“If you're extremely confident, taking a loss doesn't bother you.”

“Good debt growth is when you borrow money, and it goes into the real economy. You do capital spending. You build businesses.”

“For 30 years I've been responsible for managing client money, and it's been a joy, but at some point I need to move on. Thirty years is enough.”

“Bitcoin is like anything else: it's worth what people are willing to pay for it.”