Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
We have been in a depression since 2008, the yield curve has already uninverted, global recession indicators are flashing alarm for well over a year, and absolutely nobody could pull us out of the hell coming regardless of party.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
ASHLEY GARNER ABBOTT a renowned figure in her line of work, i recommend researching her credentials further.... she has many years of experience and a valuable resource for anyone looking to navigate the financial market
Excellent share! Curiously inputted Ashley Garner Abbott on the web, spotted her consulting page ranked top, and was able to schedule a call session. I've seen commentaries about advisors, but not one looks this phenomenal.
Sometimes Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin ,While also continuously learning from mistakes and improving
Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.
@@williamDonaldson432 Market behaviour can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Rebecca Lynne Buie is the coach who guides me. With years of experience in the financial markets, her strategies have worked well for me and contributed to my success. She offers clear entry and exit points for the securities I focus on
I reached $138k today. Thank you for all the knowledge and insights you've shared with me over the past few months. I began this journey in October 2024. Financial education is essential for over 70% of the population, as only a few are truly literate in this area. Thanks so much Samantha Donald.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
I'm a truck driver. I remember giving Samantha Donald my first $20,000 in savings and she opened a brokerage account for me. It turned out to be the best thing that ever happened to me. I now own 10 trucks in Puerto Rico
Out of all the financial institutions on TH-cam you are the only one who gives the easiest way to get rich. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subjects.
Most new traders make the mistake of trading in their own without having the required skills to help them benefit from the market. I was once like that but all changed, thanks to Kavita Rohan
My small investment of $11,000, which was part of my salary, that's really help in our family business, just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet,
Stan's insights are always a goldmine! With Bitcoin climbing again and AI stocks like NVIDIA leading the charge, I’m wondering if now’s the time to double down on tech or stay cautious given the inflation risks and potential rate hikes. Thoughts?
I agree. Even with great opportunities, we should proceed cautiously. Seeking market analysis or advice from certified market strategists is important.
Absolutely, having a solid plan is crucial. My portfolio has doubled since early last year. My financial advisor and I are working towards a seven-figure goal, though it might take until Q3 2024.
It's very rare to see Mr. Druckenmiller give interviews, especially of this length. You ask questions like a boss because you are a boss. I enjoyed every bit of it. If possible, I would love to see you interview Leon Cooperman, Carl Icahn, Bill Miller, and, if possible, the king of them all, Buffett.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@ThamaraSchlossarek That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@ThamaraSchlossarek The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Druckenmiller is the real deal, not only for his trading track, but for embodying a challenge we all face: realizing that the qualities driving success-taking risks and timing our moves-are cyclical, just like the markets. The paradox is that when you’ve done this long enough, you stop merely participating in the market rather the market becomes part of you.
Druckenmiller is a Man for all markets. He has seen 1987 crash, tech bubble pop, great recession etc. He is a living legend and yet so humble. Also love this channel, thanks
As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.
To tackle investment risks, the safest approach is to diversify across various asset classes, such as bonds, real estate, and international stocks, to minimize the impact of a market meltdown. Seeking expert guidance is essential.
Many people underestimate the value of advisers until they experience burnout. After a challenging divorce a few summers ago, I sought out a highly qualified licensed advisor. Her guidance has been invaluable in keeping my company afloat and thriving, despite inflation.
how can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your succedss??
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I love how respectful the interviewer is to Mr Druckenmiller. He doesn’t interrupt or promote his own agenda, he’s intently focused on every word his guest is saying, and he gives Mr D the time he needs to fully expand his stories. As other commenters have pointed out, Stan Druckenmiller interviews are relatively rare and full length ones like this are even rarer. Excellent interview, Mr Tangen--you just gained a new subscriber!
Great interview! AI summary below and investment implications. Fully agree actually. Positioned for this. (00:37) Druckenmiller notes that despite being known as a macro investor, he sees no significant economic weakness except in housing, and doesn't expect major economic problems in the next 3-6 months. (01:15-02:35) He expresses concern about inflation potentially rising again, drawing parallels to the 1970s pattern where inflation fell from 8% to 3% before rising again. (03:13-04:37) Discusses potential inflation triggers including Trump winning (leading to deregulation and tariffs), and criticizes the Fed's premature rate cuts and obsession with achieving a "soft landing." (05:52-07:40) Identifies the U.S. budget deficit as a long-term concern, particularly highlighting the risk of running 7% deficits during full employment, though notes America's reserve currency status has allowed more leeway. (12:38-14:33) Shares insights on early investment in NVIDIA and the AI sector, viewing AI as an existential threat that companies must invest in to remain competitive. (26:05-29:43) Emphasizes the importance of being able to "clean the slate" and start over in investing, and discusses learning from mentors like George Soros about sizing positions and having conviction. (40:10) On AI in investing, believes machines won't replace humans but can serve as effective "co-pilots" to enhance human decision-making. SHORT TERM (3-6 months): Market Environment: Financial conditions remain loose despite recent Fed tightening No immediate signs of economic weakness Rising inflation concerns Investment Implications: Stay invested in equities, particularly in tech/AI sector Consider inflation hedges (gold mentioned as being at new highs) Be cautious on housing-related investments due to weakness in that sector Watch for rising yields as a potential risk factor MEDIUM TERM (6-18 months): Key Risk Factors: Potential inflation resurgence similar to 1970s pattern Corporate debt rollovers in 2025-26 could cause stress Political uncertainty (potential Trump victory effects) Fed's limited flexibility due to forward guidance Investment Implications: Position for possible higher rates (10-year yields could reach 6-7% if nominal GDP rises) Focus on companies with pricing power Consider commodities as inflation hedge Watch for opportunities in healthcare, particularly obesity drugs (mentioned as a strong secular trend) LONG TERM (2+ years): Structural Changes: AI revolution continuing ("existential threat" to businesses that don't adapt) Fiscal deficit concerns (7% of GDP during full employment is unsustainable) Potential reserve currency status challenges Investment Recommendations by Asset Class: Equities: Strong focus on AI/Tech sector (particularly companies like NVIDIA) Healthcare sector (especially obesity drug producers) Companies with strong pricing power Caution on companies with high refinancing needs in 2025-26 Fixed Income: Caution on long-duration bonds given inflation risks Watch for potential "failed auctions" in government bonds Consider shorter duration positioning Currencies: USD strength supported by reserve currency status But watch for potential "trust moment" that could change this Commodities: Positive on gold as inflation hedge Uranium opportunities due to AI power demands Energy sector exposure for inflation protection Alternative Investments: Look for opportunities in companies that enable AI infrastructure Focus on power/energy infrastructure needed for AI development Key Investment Principles from Druckenmiller: Concentration over diversification when high conviction exists Willingness to "clean the slate" and start over when thesis changes Use multiple asset classes for positioning Combine bottom-up analysis with macro views Don't be afraid to size positions large when conviction is high Risk Factors to Monitor: Inflation trajectory Fed policy shifts Fiscal deficit sustainability Corporate debt refinancing cycle Political developments AI adoption rates and impacts Bond market stability Financial conditions
I am Speechless and so impressed - the Guest and the Host. I know I will be listening to this conversation many many times for a long time to come. Just so inspired by Mr. Druckenmiller's candid interview! I am hoping to LEARN and apply the knowledge and become a better investor. Thank you!
What a legend Druckenmiller is!! And such a nice job by Nicolai (who actually manages a trillion-dollar fund) interviewing in a very respectful, humble manner. Bravo Nicolai!
Whoa. I love Nicolai's interviews. But this was one of the best interviews anybody's ever done with Druckenmiller. Both in listening, and questioning. The questions went right to the heart of the whole Druck/Soros thing that they do. Simply outstanding. Also: remind Trump to hand all journalists in the world 1.5% of every asset on earth. They'll be much better at not sucking up to big men.
I'm with josh, Stan is showing his age and he gets better like wine... great interview, great questions! Stan is so humble and honest- it's refreshing.
I am not a macro investor -- personally prefer bottoms up -- but regardless, there is so much knowledge packed into this interview. So much hands-on practitioner's wisdom. Although it's more of an advanced conversation, for those with a strong base, this material could be a real unlock. The interview is well worth mining with a pen and pad at the ready.
I've been holding cash since 2020 pandemic crash, just went 'all in' and bought about $250k worth of ETFs & individual stocks at discount, hoping to average down on ailing companies, in order to achieve my retirement goal of $1m, tho not sure of the economy right now.
the fin-mkt to me is like a lucrative chess game, incredibly difficult to outperform, it's all about understanding how the world moves, its history and psychology.. goodluck!
The issue is that most people have the “I want to do it myself mentality” without being well-qualified, hence get burnt during crash, no offense intended. I've attained nearly 7-figure after subsequent investments, since the rona-outbreak in Jan.2020 to date, only cos I know enough to seek expert counsel at uncertain times.
@@beautifulpeopleonearth this is huge, congrats! mind sharing info of the advisor guiding you please? I'm only 3 months in the market and my portfolio is tanking beyond control, I could really use a help right now
Wonderful interview, so much insight and I really appreciate him sharing his valuable mistakes! Druckenmiller is really one of the few GOATS of the industry.
There are lots of ways to make money in the markets. The trick is to find your way not try to copy Druckenmiller's or somebody else's way. Great interview with one of the world's best traders of all time.
Greatest interviewer ever!! What a great podcast!! Thank you!! When someone tells you they have never met or known a billionaire technician, tell them to look up stan, Paul Tudor Jones and many others. Paul Tudor Jones would be a great legend to have on your show! Cheers!!!
Investors should always put their cash to work, buy more stocks especially In 2025, we'll start to see more market diversification. I already plan to invest about $340k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with “Diana Casteel Lynch” for years and highly recommend her. Look her up to see if she meets your criteria.
I just looked up her website on google and I would say she really has an impressive background in investing. I have sent her an email hope she gets back to me soon. Thanks
Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $420k in stocks. Currently, my portfolio is down by 15%. My spouse and I are still looking for companies to make additions to boost performance. Here for ideas...
The correct market strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset and knowledge to pull such trades.
I was once faced with a similar situation. I sought advice from a top invęstment advisęr here in the States. Through portfolio restructuring and diversification with good ETFs, S&P 500 and growth stocks, I've turned my portfolio around from $220k to over $605k in a few years.
This is definitely considerable! think you could suggest any professional advisor I can get on the phone with? i'm in dire need of proper portfolio allocation.
Elisse Laparche Ewing is a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Amazing interview - interviewer did great job and am impressed by Druckenmiller's humility. As a competitive chess player, was delighted to hear of Druckenmiller's connection to chess! :)
Absolutely WOW! What a major learning opportunity for all investors....its at the level of a BRK AGM discussion with Warren and Charlie. But its a different investment approach. Absolutely outstanding Stan and Nicolai - Thank you for sharing. Much appreciated. Looking forward to watching more and learning still more!
This man knows how to identify who knows better than he does for a given trade. I believe this to be his primary strength. He combines humility with trust in his trust for the expertise of others.
First of all thank you Gentlemen for that fascinating interview! As a retired but still active money manager myself I could listen to Stan hours and days as it never gets boring because he's a very honest person while in a profession where you find lots of people with an ego that outshines Muhammad Ali. But to be clear, without the interesting questions and thoughtful atmosphere created by Nicolai this wouldn't have been possible, it's been a real pleasure to sit and listen. Main takeaway: Size matters. At least when it comes to success in speculation.
Mr Druckenmiller is looking well and has been looking after his health. I am a laymen and could listen to Stanley all day everyday even know I'm not a investor. A legend amongst the greatest likes of Buffet, Munged and others. Thanks for your content.
Well explained. Thanks for bringing up the videos financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.
Thank you for the update. I advise traders, especially newbies to research the market before jumping in. I must say that trading has more benefits than simply holding.
At one moment there's a mention of: "I am not an emotional person", just a minute or so later in response to what happens when there's a drawdown "I get very anxious, I am a very competitive person, I wish I was not so, but I do get anxious". Humility and ignorance? Good interview, thanks for sharing :)
Just a enjoyable and rich conversation. Stan just shared his journey and habits for younger Macro Investors. I learned a lot. Thanks Mr. Druckenmiller. 👍
Amazing interview! Never had I ever heard an interview with Stan with so much transparency and wisdom. Please keep these interviews coming. Nicolai, if possible,would you consider interviewing Tom Lee from Fundstrat? He’d be a great guest on this podcast 🙏
One of the better / most easiest to listen to Druckenmiller interview, thanks! Interestign story about the D-mark. LOL he forgot about the Krona we sure didnt LOL.
I've heard that index funds and ETFs provide diversified stock market exposure while spreading risk. I have over $800K in savings; What's the most effective strategy to allocate funds in my portfolio and generate profits?
Yes, there are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist
Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
I want to remind everyone how lucky we are to have this content available to us and for FREE! Absolutely amazing interview.
It's cool to speculate about the future, but it's simply just entertainment value
are you stating the paid ones are BS and are there to make people go into "certain stocks"? everyone has an angle
I am a big fun of this podcast. 🎉🎉🎉
@@revl6151 in reality, this is likely a true statement. Grist for the mill!
I want to remind everyone how lucky we are to be exit liquidity for the likes of Stan Druckenmiller.
Successful investing is hard work because it means disciplining your mind to do the opposite of human nature. Buying during a panic, selling during euphoria, and holding on when you are bored and just craving a little action. Investing is 5% intellect and 95% temperament.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
We have been in a depression since 2008, the yield curve has already uninverted, global recession indicators are flashing alarm for well over a year, and absolutely nobody could pull us out of the hell coming regardless of party.
I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.!!
ASHLEY GARNER ABBOTT a renowned figure in her line of work, i recommend researching her credentials further.... she has many years of experience and a valuable resource for anyone looking to navigate the financial market
Excellent share! Curiously inputted Ashley Garner Abbott on the web, spotted her consulting page ranked top, and was able to schedule a call session. I've seen commentaries about advisors, but not one looks this phenomenal.
Sometimes Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.
Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin ,While also continuously learning from mistakes and improving
Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.
@@williamDonaldson432 Market behaviour can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
Rebecca Lynne Buie is the coach who guides me. With years of experience in the financial markets, her strategies have worked well for me and contributed to my success. She offers clear entry and exit points for the securities I focus on
I reached $138k today. Thank you for all the knowledge and insights you've shared with me over the past few months. I began this journey in October 2024. Financial education is essential for over 70% of the population, as only a few are truly literate in this area.
Thanks so much Samantha Donald.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super.
Samantha Donald strategy has normalised winning trades for me also and it's a huge milestone for me looking back to how it all started
Really you people know her? I was even thinking that I'm the only one she has helped walk through the fears and falls of trading
As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.
I'm a truck driver. I remember giving Samantha Donald my first $20,000 in savings and she opened a brokerage account for me. It turned out to be the best thing that ever happened to me. I now own 10 trucks in Puerto Rico
Out of all the financial institutions on TH-cam you are the only one who gives the easiest way to get rich. Financial education is indeed required for more than 70% of the society in the country as very few are literate on the subjects.
I'm thinking about investing, What are the strategies?
That's true my dear, everyone needs a different stream of income. Such as where one can invest some parts of his or her monthly salary.
Most new traders make the mistake of trading in their own without having the required skills to help them benefit from the market. I was once like that but all changed, thanks to Kavita Rohan
You're right! The very first time I tried, I invested $2000 and after a week, I received $11,200. That really helped me a lot to pay up me bills.
My small investment of $11,000, which was part of my salary, that's really help in our family business, just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet,
Stan's insights are always a goldmine! With Bitcoin climbing again and AI stocks like NVIDIA leading the charge, I’m wondering if now’s the time to double down on tech or stay cautious given the inflation risks and potential rate hikes. Thoughts?
I agree. Even with great opportunities, we should proceed cautiously. Seeking market analysis or advice from certified market strategists is important.
Absolutely, having a solid plan is crucial. My portfolio has doubled since early last year. My financial advisor and I are working towards a seven-figure goal, though it might take until Q3 2024.
I could really use the expertise of an advisor like that.
Her name is “KENIA GIORDANI BORGES”. You can research her.
Thanks for sharing. I searched for her name and found her website. I reviewed her credentials and did my research before contacting her. Thanks again.
It's very rare to see Mr. Druckenmiller give interviews, especially of this length. You ask questions like a boss because you are a boss. I enjoyed every bit of it. If possible, I would love to see you interview Leon Cooperman, Carl Icahn, Bill Miller, and, if possible, the king of them all, Buffett.
I'd add Paul Tudor Jones, Jeremy Grantham, John Paulson, Jim Rogers. They're all getting old.
I'll add Ackman, Soros and Peter Lynch. Amazing work by the way.
Let’s keep it at 69 likes gents
Paul Tudor jones next please sir
@@rulenumber2soros is the devil
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@ThamaraSchlossarek That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@ClarieZwiehoff My advisor is *MARGARET MOLLI ALVEY*
You can look her up online
@@ThamaraSchlossarek The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Druckenmiller is the real deal, not only for his trading track, but for embodying a challenge we all face: realizing that the qualities driving success-taking risks and timing our moves-are cyclical, just like the markets. The paradox is that when you’ve done this long enough, you stop merely participating in the market rather the market becomes part of you.
"you stop merely participating in the market rather the market becomes part of you" ... Dude, you sure come out with some zen bullshit.
@@alchemist1218 it's AI that wrote his comment, which is why it's banal and shit
Druckenmiller is a Man for all markets. He has seen 1987 crash, tech bubble pop, great recession etc. He is a living legend and yet so humble. Also love this channel, thanks
As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.
To tackle investment risks, the safest approach is to diversify across various asset classes, such as bonds, real estate, and international stocks, to minimize the impact of a market meltdown. Seeking expert guidance is essential.
Many people underestimate the value of advisers until they experience burnout. After a challenging divorce a few summers ago, I sought out a highly qualified licensed advisor. Her guidance has been invaluable in keeping my company afloat and thriving, despite inflation.
how can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your succedss??
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Carol Vivian Constable” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
I love how respectful the interviewer is to Mr Druckenmiller. He doesn’t interrupt or promote his own agenda, he’s intently focused on every word his guest is saying, and he gives Mr D the time he needs to fully expand his stories. As other commenters have pointed out, Stan Druckenmiller interviews are relatively rare and full length ones like this are even rarer. Excellent interview, Mr Tangen--you just gained a new subscriber!
Massive thanks to Nicolai and the team for hosting this conversation, truly epic
Great interview! AI summary below and investment implications. Fully agree actually. Positioned for this.
(00:37) Druckenmiller notes that despite being known as a macro investor, he sees no significant economic weakness except in housing, and doesn't expect major economic problems in the next 3-6 months.
(01:15-02:35) He expresses concern about inflation potentially rising again, drawing parallels to the 1970s pattern where inflation fell from 8% to 3% before rising again.
(03:13-04:37) Discusses potential inflation triggers including Trump winning (leading to deregulation and tariffs), and criticizes the Fed's premature rate cuts and obsession with achieving a "soft landing."
(05:52-07:40) Identifies the U.S. budget deficit as a long-term concern, particularly highlighting the risk of running 7% deficits during full employment, though notes America's reserve currency status has allowed more leeway.
(12:38-14:33) Shares insights on early investment in NVIDIA and the AI sector, viewing AI as an existential threat that companies must invest in to remain competitive.
(26:05-29:43) Emphasizes the importance of being able to "clean the slate" and start over in investing, and discusses learning from mentors like George Soros about sizing positions and having conviction.
(40:10) On AI in investing, believes machines won't replace humans but can serve as effective "co-pilots" to enhance human decision-making.
SHORT TERM (3-6 months):
Market Environment:
Financial conditions remain loose despite recent Fed tightening
No immediate signs of economic weakness
Rising inflation concerns
Investment Implications:
Stay invested in equities, particularly in tech/AI sector
Consider inflation hedges (gold mentioned as being at new highs)
Be cautious on housing-related investments due to weakness in that sector
Watch for rising yields as a potential risk factor
MEDIUM TERM (6-18 months):
Key Risk Factors:
Potential inflation resurgence similar to 1970s pattern
Corporate debt rollovers in 2025-26 could cause stress
Political uncertainty (potential Trump victory effects)
Fed's limited flexibility due to forward guidance
Investment Implications:
Position for possible higher rates (10-year yields could reach 6-7% if nominal GDP rises)
Focus on companies with pricing power
Consider commodities as inflation hedge
Watch for opportunities in healthcare, particularly obesity drugs (mentioned as a strong secular trend)
LONG TERM (2+ years):
Structural Changes:
AI revolution continuing ("existential threat" to businesses that don't adapt)
Fiscal deficit concerns (7% of GDP during full employment is unsustainable)
Potential reserve currency status challenges
Investment Recommendations by Asset Class:
Equities:
Strong focus on AI/Tech sector (particularly companies like NVIDIA)
Healthcare sector (especially obesity drug producers)
Companies with strong pricing power
Caution on companies with high refinancing needs in 2025-26
Fixed Income:
Caution on long-duration bonds given inflation risks
Watch for potential "failed auctions" in government bonds
Consider shorter duration positioning
Currencies:
USD strength supported by reserve currency status
But watch for potential "trust moment" that could change this
Commodities:
Positive on gold as inflation hedge
Uranium opportunities due to AI power demands
Energy sector exposure for inflation protection
Alternative Investments:
Look for opportunities in companies that enable AI infrastructure
Focus on power/energy infrastructure needed for AI development
Key Investment Principles from Druckenmiller:
Concentration over diversification when high conviction exists
Willingness to "clean the slate" and start over when thesis changes
Use multiple asset classes for positioning
Combine bottom-up analysis with macro views
Don't be afraid to size positions large when conviction is high
Risk Factors to Monitor:
Inflation trajectory
Fed policy shifts
Fiscal deficit sustainability
Corporate debt refinancing cycle
Political developments
AI adoption rates and impacts
Bond market stability
Financial conditions
What did you use to produce this?
Many thanks! I'll look closely to determine its value to me. Thanks oodles for your time.
Wow. Thanks this was helpful
@@Realwater23Claude 3.5 Sonnet, love it
Thank you! Saved me a bunch of time!
I am Speechless and so impressed - the Guest and the Host. I know I will be listening to this conversation many many times for a long time to come. Just so inspired by Mr. Druckenmiller's candid interview!
I am hoping to LEARN and apply the knowledge and become a better investor. Thank you!
It’s great to see an outstanding investor who has retained his humility.
So far?
What a legend Druckenmiller is!! And such a nice job by Nicolai (who actually manages a trillion-dollar fund) interviewing in a very respectful, humble manner. Bravo Nicolai!
Whoa. I love Nicolai's interviews. But this was one of the best interviews anybody's ever done with Druckenmiller. Both in listening, and questioning. The questions went right to the heart of the whole Druck/Soros thing that they do. Simply outstanding.
Also: remind Trump to hand all journalists in the world 1.5% of every asset on earth. They'll be much better at not sucking up to big men.
First time a westerner interviewer quietly listen to the guest. Enjoyed this interview.
I'm with josh, Stan is showing his age and he gets better like wine... great interview, great questions! Stan is so humble and honest- it's refreshing.
Nicolai your are gem for the cold heart financial world, world is warmer when you re in.
Druckenmiller is the most honest person on the street. I love it when people talk about what they did wrong so much to learn.
For some reason I never get tired of listening to Stan. 🤷🏻
A genius - when Druckenmiller talks, I hear to each word he speaks. A true market technician !! Amazing interview
I am not a macro investor -- personally prefer bottoms up -- but regardless, there is so much knowledge packed into this interview. So much hands-on practitioner's wisdom.
Although it's more of an advanced conversation, for those with a strong base, this material could be a real unlock. The interview is well worth mining with a pen and pad at the ready.
Druck's candor and honesty, geez humility and insights so refreshing.
love the guy. down to earth, honest and not afraid to own up to his mistakes
I see Mr. Druckenmiller I automatically click, such a fascinating person.
I've been holding cash since 2020 pandemic crash, just went 'all in' and bought about $250k worth of ETFs & individual stocks at discount, hoping to average down on ailing companies, in order to achieve my retirement goal of $1m, tho not sure of the economy right now.
the fin-mkt to me is like a lucrative chess game, incredibly difficult to outperform, it's all about understanding how the world moves, its history and psychology.. goodluck!
That's quite well put. I think you need to be a student of both the past and the future
The issue is that most people have the “I want to do it myself mentality” without being well-qualified, hence get burnt during crash, no offense intended. I've attained nearly 7-figure after subsequent investments, since the rona-outbreak in Jan.2020 to date, only cos I know enough to seek expert counsel at uncertain times.
@@beautifulpeopleonearth this is huge, congrats! mind sharing info of the advisor guiding you please? I'm only 3 months in the market and my portfolio is tanking beyond control, I could really use a help right now
Can't divulge much, the advisor guiding me is 'Katherine Nance Dietz' she's well qualified and established, simply do due diligence.
Wow. Thank you for sharing. Loved every minute of this!
Incredible interview. Thank you you for put his together.
What an excellent interview! - thank you
Thank you, always great to hear Stan
One of the best interviews on the mindset and method of a professional investor.
One big reason for Druckenmiller's success is that is seldom mentioned: While most of us should not use leverage, he uses it extremely well.
Gotta have deep pockets to use it wisely.
@@kirstinstrand6292 And have control and really, really know what you are doing.
Wonderful interview, so much insight and I really appreciate him sharing his valuable mistakes!
Druckenmiller is really one of the few GOATS of the industry.
There are lots of ways to make money in the markets. The trick is to find your way not try to copy Druckenmiller's or somebody else's way. Great interview with one of the world's best traders of all time.
Underrated comment
Druck the Technician! This interview is so badass. Thank you very much....incredible!
Greatest interviewer ever!! What a great podcast!! Thank you!! When someone tells you they have never met or known a billionaire technician, tell them to look up stan, Paul Tudor Jones and many others. Paul Tudor Jones would be a great legend to have on your show! Cheers!!!
That was one of the best podcasts ever for me!
Absolute gem of an interview
Investors should always put their cash to work, buy more stocks especially In 2025, we'll start to see more market diversification. I already plan to invest about $340k of my savings in stocks against next year. Hope to make millions in 2025
Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.
Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.
I’ve been looking to switch to an advisor for a while now. Any help pointing me to who your advisor is?
I'm cautious about giving specific recommendations since this is an online forum and everyone situation is unique, but I've worked with “Diana Casteel Lynch” for years and highly recommend her. Look her up to see if she meets your criteria.
I just looked up her website on google and I would say she really has an impressive background in investing. I have sent her an email hope she gets back to me soon. Thanks
Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $420k in stocks. Currently, my portfolio is down by 15%. My spouse and I are still looking for companies to make additions to boost performance. Here for ideas...
The correct market strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset and knowledge to pull such trades.
I was once faced with a similar situation. I sought advice from a top invęstment advisęr here in the States. Through portfolio restructuring and diversification with good ETFs, S&P 500 and growth stocks, I've turned my portfolio around from $220k to over $605k in a few years.
This is definitely considerable! think you could suggest any professional advisor I can get on the phone with? i'm in dire need of proper portfolio allocation.
Elisse Laparche Ewing is a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
This is amazing. Watched 3 times already. Stan the man.
Brilliant interview of a brilliant man. He wouldn’t acknowledge that as one reason he’s successful is his humility. Excellent
this is a great interview. Stanley gives real insight into his investing process, thinking and approach. absolutely valuable content.
Great interview, thank you very much for getting Stan to open up and show his great character!
It is always a pleasure to hear Druckenmiller talk and I hope he keeps doing these talks as long as Buffet has.
Great interview. Short and to the point from both parties
Love it. None of all that BS asking what happened between when he was born ultil he became an investor.
Amazing interview - interviewer did great job and am impressed by Druckenmiller's humility. As a competitive chess player, was delighted to hear of Druckenmiller's connection to chess! :)
Thank you! Thank you! Thank you! Whenever Stan talks, I quietly listen.
Thanks for sharing - nice interview! I really enjoy getting to hear Mr. Druckenmiller.
Such an insightful interview! ❤ got to watch it again n again to sink it into my head. Massive thanks!
I have been interested in the financial markets for more than 30 years. This is great.
Fantastic interview! 👏 Pearls of financial wisdom from Stan. Thank you!
So much amazing insight into the mentality of the GOAT of trading
Great interview! Thank you for sharing the stories from an experienced investors.
Absolutely WOW! What a major learning opportunity for all investors....its at the level of a BRK AGM discussion with Warren and Charlie. But its a different investment approach.
Absolutely outstanding Stan and Nicolai - Thank you for sharing. Much appreciated.
Looking forward to watching more and learning still more!
Fantastic interview, Druck is by far the best macro/ market trader in the world and always articulates his thoughts clearly.
This is an AMAZING interview. A must watch for anyone who trades
This man knows how to identify who knows better than he does for a given trade. I believe this to be his primary strength. He combines humility with trust in his trust for the expertise of others.
Even if it's Soros.
Bro, i think 4ra’s new ads show their commitment to quality. love seeing their dedication.
First of all thank you Gentlemen for that fascinating interview! As a retired but still active money manager myself I could listen to Stan hours and days as it never gets boring because he's a very honest person while in a profession where you find lots of people with an ego that outshines Muhammad Ali. But to be clear, without the interesting questions and thoughtful atmosphere created by Nicolai this wouldn't have been possible, it's been a real pleasure to sit and listen. Main takeaway: Size matters. At least when it comes to success in speculation.
The intelligence and knowledge to follow this kind of stuff should come in a booklet not a six year degree
Mr Druckenmiller is looking well and has been looking after his health. I am a laymen and could listen to Stanley all day everyday even know I'm not a investor. A legend amongst the greatest likes of Buffet, Munged and others. Thanks for your content.
I always enjoy listening to Stan Druckenmiller
Well explained. Thanks for bringing up the videos financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.
Thank you for the update. I advise traders, especially newbies to research the market before jumping in. I must say that trading has more benefits than simply holding.
Please how do I go about it, am a newbie
Ever since I started following Kathleen Susan strategies, my trading game has elevated to new heights truly a mastermind in the trading
Kathleen's assessment of cryptocurrencies is by far the most accurate... A must for all beginners and experienced crypto traders.
Okay, thanks for the recommendation, but how can I reach her?
Thank you so much for this content, it's really incredible this is for free.
this belongs to the best interviews i have ever heard....thank you so much
I do not how many times I have heard the british pound story but I do not get tired of it
This was awesome conversation
This was an incredibly informative and engaging podcast! Thanks Gentlemen for sharing this open and honest conversation.
Found myself really liking Druck. So humble and transparent.
one of the more interesting interviews with stan, where he gives some insights in methods he's using and concrete examples with motivations. Thanks!
the interviewer has a NATURAL authoritative Poise and Vibe about him ....Thoroughly enjoyed his Qs and style of interviewing !
Great interview. Great guy Druckenmiller. Thanks. 👍🏻👍🏻👍🏻👍🏻👍🏻👍🏻
Brilliant conversation, thanks for producing and sharing
At one moment there's a mention of: "I am not an emotional person", just a minute or so later in response to what happens when there's a drawdown "I get very anxious, I am a very competitive person, I wish I was not so, but I do get anxious". Humility and ignorance?
Good interview, thanks for sharing :)
Stan is a Legend... and Interviewer has done a very good job..!!
I can’t believe this is free!
Just a enjoyable and rich conversation. Stan just shared his journey and habits for younger Macro Investors.
I learned a lot. Thanks Mr. Druckenmiller. 👍
This shall go down in history as a legendary record of financial investment insight.
this was really great, Druckenmiller is a character
Most grateful for this session. God bless. 🙏
Epic conversation indeed!
What a legend.
He knows what he’s about, and you get the sense that he’s finally starting to let the filter come off at age 71.
Brilliant interview.
Great interview! Stan's intuition 💪
Amazing interview! Never had I ever heard an interview with Stan with so much transparency and wisdom. Please keep these interviews coming. Nicolai, if possible,would you consider interviewing Tom Lee from Fundstrat? He’d be a great guest on this podcast 🙏
This man's analysis is invaluable.
One of the better / most easiest to listen to Druckenmiller interview, thanks! Interestign story about the D-mark. LOL he forgot about the Krona we sure didnt LOL.
Yeah, man 4ra’s explanations are so clear. even newbies can start easily now.
Always some amazing wisdom from Druckenmiller, thanks for the interview.
Great interview. Thank you! I love how professional, yet down to Earth, he is.
Enjoyed this interview! Will rewatched again.!
This is absolutely gold of an interview. Appreciate it
What a great interview.
Thanks for publishing this, very nice!
I've heard that index funds and ETFs provide diversified stock market exposure while spreading risk. I have over $800K in savings; What's the most effective strategy to allocate funds in my portfolio and generate profits?
Yes, there are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist
Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m
May I know the name of the advsor who has been assisting you, please?
She's known as ‘Stacy Lynn Staples’. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call.
Can't thank you enough. What an epic conversation
Wonderful interview. A real treat. Thank you so much
What a wonderful man! What a fascinating talk!