Stanley Druckenmiller’s profile picture

Stanley Druckenmiller

Founder, Duquesne Family Office
Stanley Druckenmiller’s profile picture
Net worth 2018: $4.67 Billion
Industry: Investments
Residence: New York, New York
Country: United States
BirthDay: 14 June 1953
Sigh: Cancer
Education: Bachelor of Arts / Science, Bowdoin College
BIOGRAPHY

Stanley Druckenmiller was bornon 14 June 1953 in New York, New York, United States, is Founder, Duquesne Family Office. Stanley Druckenmiller is #455 in List Billionaires People In The World. Stanley Druckenmiller made it big as a hedge fund manager for 30 years. He now manages his money through a family office. Until 2000, he worked for George Soros. The duo famously bet against the British pound in 1992 and made massive profits. He shut down his $12 billion hedge fund Duquesne Capital Management in August 2010, returning funds to clients. In the first half of 2017, he invested in Chinese billionaire Jack Ma's e-commerce titan, Alibaba, as well as Salesforce.com, Microsoft, and Facebook.

NET WORTH STATISTIC
2009

$3.5 Billion

2010

$2.9 Billion

2011

$2.5 Billion

2012

$2.7 Billion

2013

$2.9 Billion

2014

$3.1 Billion

2015

$4.4 Billion

2016

$4.4 Billion

2017

$4.7 Billion

2018

$4.67 Billion

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.

Stanley Druckenmiller
TIMELINE
Stanley Freeman Druckenmiller (born June 14, 1953) is an American investor, hedge fund manager and philanthropist. He is the former chairman and president of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010 because he felt unable to deliver high returns to his clients. At the time of closing, Duquesne Capital had over $12 billion in assets.From 1988 to 2000, he managed money for George Soros as the lead portfolio manager for Quantum Fund. He is reported to have made $260 million in 2008.Druckenmiller was born in Pittsburgh, Pennsylvania, the son of Anne and Stanley Thomas Druckenmiller, a chemical engineer. He grew up in a middle-class household in the suburbs of Philadelphia. His parents divorced when he was in elementary school and he went to live with his father in Gibbstown, New Jersey (a section of Greenwich Township, Gloucester County, New Jersey) and then in Richmond, Virginia (his sisters, Helen and Salley, would stay with their mother in Philadelphia). Druckenmiller is a graduate of Collegiate School, Richmond, Virginia. In 1975, he received a BA in English and economics from Bowdoin College (where he opened a hot dog stand with Lawrence B. Lindsey, who later became economic policy adviser to President George W. Bush). He dropped out of a three-year Ph.D. program in economics at the University of Michigan in the middle of the second semester to accept a position as an oil analyst for Pittsburgh National Bank.Druckenmiller began his financial career in 1977 as a management trainee at Pittsburgh National Bank. He became head of the bank's equity research group after one year. In 1981, he founded his own firm, Duquesne Capital Management.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 Dreyfus Fund. As part of his agreement with Dreyfus, he also maintained management of Duquesne. In 1988, he was hired by George Soros to replace Victor Niederhoffer at Quantum Fund. He and Soros famously "broke the Bank of England" when they shorted British pound sterling in 1992, reputedly making more than $1 billion in profits. They calculated that the Bank of England did not have enough foreign currency reserves with which to buy enough sterling to prop up the currency and that raising interest rates would be politically unsustainable. He left Soros in 2000 after taking large losses in technology stocks. Since then, he has concentrated full-time on Duquesne Capital. He is profiled in the book The New Market Wizards by Jack D. Schwager. According to Bloomberg News, on August 18, 2010, Druckenmiller announced the closing of his hedge fund "telling investors he'd been worn down by the stress of trying to maintain one of the best trading records in the industry while managing an 'enormous amount of capital.'" Duquesne Capital Management posts an average annual return of 30 percent without any money-losing year. His funds were down for about 5 percent when he announced his retirement in August. However, they had since erased the losses and closed with a small gain through successful bets that the market would rally in anticipation that the Federal Reserve would announce further "Quantitative Easing" to assist in reducing unemployment and avoid deflation.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.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.Druckenmiller has been married twice. In 1976, he married his high school sweetheart; they divorced in 1980. In 1988, Druckenmiller married Fiona Katharine Biggs, niece of investor Barton Biggs, in a Episcopalian ceremony. Druckenmiller has three daughters with Biggs.Druckenmiller advocates reducing spending on entitlement programs such as Social Security. Druckenmiller was a major supporter of Republican Governor Chris Christie of New Jersey. In 2015, Druckenmiller donated $300,000 total to the presidential candidacies of Christie, Jeb Bush, and John Kasich.In 2009, Druckenmiller was the most charitable man in America, giving $705 million to foundations that support medical research, education, and anti-poverty, including a $100 million gift to found a Neuroscience Institute at NYU School of Medicine.Druckenmiller is also Chairman of the Board of Harlem Children's Zone, a multi-faceted, community-based project. Harlem Children's Zone was founded by Druckenmiller's college friend and fellow Bowdoin College alumnus Geoffrey Canada. In 2006, Druckenmiller gave $25 million to the organization. In 2013, Druckenmiller and Canada toured college campuses urging reform in taxation, health care, and Social Security to ensure intergenerational equity.Druckenmiller and his wife are also principal sponsors of the New York City AIDS walk. 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.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.Former Steelers President Dan Rooney stated that he has no ill will toward Druckenmiller, mentioning that he hopes the financier remains a great Steelers fan.
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