Stanley Druckenmiller
Stanley Druckenmiller | |
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Born | Stanley Freeman Druckenmiller June 14, 1953 Quantum Fund with George Soros |
Stanley Freeman Druckenmiller (born June 14, 1953)
Early life and education
Druckenmiller was born in
Investment career
Druckenmiller began his financial career in 1977 as a management trainee at
In 1985, he became a consultant to Dreyfus, splitting his time between Pittsburgh and New York, where he lived two days each week. He moved to Pittsburgh full-time in 1986, when he was named head of the
Since then, he has concentrated full-time on Duquesne Capital. He is profiled in the book
According to The Wall Street Journal, on August 18, 2010, Druckenmiller "told clients that he's returning their money and ending his firm's 30-year run, citing the 'high emotional toll' of not performing up to his own expectations." He indicated it was not easy to make big profits while handling very large sums of money.[10] His biggest investments are Microsoft and Amazon in 2020.[11]
Investment philosophy
Druckenmiller is a top-down investor who adopts a similar trading style as George Soros by holding a group of stocks long, a group of stocks short, and uses leverage to trade futures and currency. In early 2019 he held large positions in
Personal life
Druckenmiller has been married twice. In 1976, he married his high school sweetheart; they divorced in 1980.[1] In 1988, Druckenmiller married Fiona Katharine Biggs, a Barnard College graduate and niece of investor Barton Biggs, in an Episcopalian ceremony.[13] Druckenmiller has three daughters with Biggs.[14][15][16]
Political and economic views
Druckenmiller advocates reducing spending on social safety net programs such as Social Security.[17] Druckenmiller was a major supporter of Republican Governor Chris Christie of New Jersey.[18] In 2015, Druckenmiller donated $300,000 total to the presidential candidacies of Christie, Jeb Bush, and John Kasich.[17]
In 2020, after the
Wealth and philanthropy
In 2009, Druckenmiller donated $705 million to foundations that support medical research, education, and anti-poverty, including a $100 million gift to found a Neuroscience Institute at the NYU School of Medicine.[22] In 2010, Stanley Druckenmiller announced that he will close his Duquesne Capital hedge fund in order to spend more time on philanthropy, according to Bloomberg.com.[23] Druckenmiller gave $700 million to his foundation last year and will apparently ramp that up in coming years.[24]
Druckenmiller is also
Druckenmiller and his wife are also principal sponsors of the New York City AIDS walk.[26] The Stanley F. Druckenmiller Hall, built in 1997 at Bowdoin College, is named after Druckenmiller's grandfather and was dedicated to Bowdoin by Druckenmiller himself.[27]
Pittsburgh Steelers
In July 2008, Druckenmiller emerged as a potential investor in the Pittsburgh Steelers franchise of the National Football League. The five sons of Steelers founder Art Rooney Sr. were working to restructure ownership of the team, and Druckenmiller was contacted by a member or representative of the Rooney family about buying the shares of several of the Rooney brothers. On September 18, Druckenmiller withdrew his bid to purchase the team.[28]
Former Steelers President
References
- ^ a b c d e f Pittsburgh Post-Gazette: "Steelers' suitor Stanley Druckenmiller has always been good at making money" By Bill Toland August 17, 2008]
- ^ Forbes: The World's Billionaires - Stanley Druckenmiller March 2013
- ^ Lawrence Delevingne (July 16, 2014). "Druckenmiller: Fed policy 'fraught with unappreciated risk'". CNBC.
- ^ Maine 04011 © 2021; Orient, The Bowdoin (27 March 2009). "Bowdoin Brief: Druckenmiller '75 earns $260 million in 2008". The Bowdoin Orient. Retrieved 2021-09-09.
{{cite web}}
: CS1 maint: numeric names: authors list (link) - ^ "The Top 5 Forex Traders of All Time". Topforexbrokers.org. 2011-02-16. Retrieved 2012-07-17.
- ^ Finanzaonline, Redazione (2022-08-17). "Il miliardario Druckenmiller si disfa di altre azioni big tech in attesa recessione, ecco le due big di Wall Street scaricate lo scorso trimestre". FinanzaOnline (in Italian). Retrieved 2022-08-18.
- ^ a b Burton, Katherine (August 18, 2010). "Druckenmiller Calls It Quits After 30 Years as Job Gets Tougher". Bloomberg.
- ^ Martin, Mitchell (April 29, 2000). "Soros Shuffles Management as Big Funds Struggle". The New York Times.
- ^ Burton, Katherine; Kishan, Saijel (November 6, 2010). "Duquesne Alumni Said to Start New Hedge Fund With $5 Billion". Bloomberg.
- ^ "Druckenmiller to Shutter His Hedge Fund". Dealbook. The New York Times. August 18, 2010.
- ^ "Stanley Druckenmiller Portfolio / Duquesne Family Office LLC Holdings". cheaperthanguru.com. Retrieved 2020-10-12.
- ^ "Duquesne Family Office LLC - Latest 13F Holdings". Fintel.io. Retrieved March 22, 2019.
- ^ "Fiona K. Biggs Wed in Nevada". The New York Times, September 4, 1988
- ^ "Wall Street Titans & Their Warbling Daughters". Billboard. 2014-03-26. Retrieved 2020-07-26.
- ISSN 0362-4331. Retrieved 2020-07-26.
- ^ "The Fabulous Lives Of Wall Street's Kids". Business Insider. Retrieved 2020-07-26.
- ^ a b Lichtblau, Eric (10 October 2015). "From Fracking to Finance, a Torrent of Campaign Cash". The New York Times. Retrieved 15 October 2015.
- ^ Barbaro, Michael (2 May 2015). "Christie's Camp Mobilizes to Salvage White House Hopes". The New York Times. Retrieved 15 October 2015.
- ^ "Druckenmiller Says Inflation Could Reach as High as 10%". www.bloomberg.com. 2020-09-09. Retrieved 2020-09-24.
- ^ LaRoche, Julia (20 September 2013). "Hedge Funder Stan Druckenmiller Wants Every Young Person In America To See These Charts About How They're Getting Screwed". Business Insider. Retrieved 11 May 2021.
- ^ Krugman, Paul (24 October 2013). "Addicted to the Apocalypse". NY Times.
- ^ Di Mento, Maria; Preston, Caroline (February 11, 2010). "A Slow Year for Big Gifts Spurs Wealthy Donors to Creativity". The Chronicle of Philanthropy. XXII (6): 25–26.
- ^ "Druckenmiller Sends Millions to Children, Robin Hood". Bloomberg.com. 2010-08-30. Retrieved 2023-04-16.
- ^ "News | Bowdoin College". www.bowdoin.edu. Retrieved 2023-04-16.
- ^ Friedman, Thomas L (2013-10-15). "Sorry, Kids. We Ate It All". The New York Times. Retrieved 2013-10-16.
- ^ "45,000 Walkers Raising $6 Million Prove AIDS Walk New York Steps Still Lead the Way" (Press release). AIDS Walk New York. May 20, 2012. Archived from the original on July 2, 2012. Retrieved July 27, 2012.
- ^ "Stanley F. Druckenmiller Hall". Bowdoin College. Archived from the original on 2012-06-27. Retrieved 2012-07-17.
- ^ Dulac, Gerry (2008-09-18). "Druckenmiller withdraws name from Steelers sale". Pittsburgh Post-Gazette. Retrieved 2008-09-19.
- ^ "NFL owners approve altered Steelers ownership". ESPN.com. Dec 17, 2008. Retrieved May 3, 2023.