“I particularly remember the time I gave (the research director) my paper on the banking industry. I felt very proud of my work. However, he read through it and said, 'This is useless. What makes the stock go up and down?' That comment acted as a spur. Thereafter, I focused my analysis on seeking to identify the factors that were strongly correlated to a stock's price movement as opposed to looking at all the fundamentals. Frankly, even today, many analysts still don't know what makes their particular stocks go up and down.”
Quote by Stanley Druckenmiller
Author
Stanley Druckenmiller
Stanley Druckenmiller (born June 14, 1953) is a renowned American hedge fund manager and philanthropist. He is best known for serving as the lead portfolio manager for George Soros' Quantum Fund, where he orchestrated the famous 1992 short sale of the British pound, generating approximately $1 billion in profits. He founded Duquesne Capital Management, achieving an average annual return of about 30% over three decades. Druckenmiller closed his hedge fund in 2010 to focus on philanthropy and personal investing. more
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