Stan Druckenmiller turned $900k into $12bn through 30% returns for 30 years with no down years and only 3 down quarters despite multiple crises, including the Savings & Loans Crisis, Black Monday, Black Wednesday, the Asian Financial Crisis, the Dot-com Bubble burst, and the Great Recession. While he is active on the media circuit today, he never gave a public long-form talk while actively managing client money. But in 2009, one year before he retired, he gave a fireside chat reflecting on his career up until that point. Perhaps because he was still active, or because he was speaking to a group of traders (that he worked with, no less), he is more precise in his answers than he typically is, including specific details and numbers with regards to his trading process, frameworks for position sizing, the setups and aftermaths of specific trades and trading periods (including how he actually made money on the bet that broke the Bank of England and the “worst memory of his life” trading the Indonesian Rupiah), and more! Letter #300: Stan Druckenmiller and Jeff Feig (2009) Stan Druckenmiller was the Founder of Duquesne Capital and Manager of the Quantum Fund. Jeff Feig was most recently at Fortress Investment Group as Co-CIO of the Fortress Macro Fund & Co-President of Liquid Markets, and before that Global Head of Foreign Exchange at Citi. [Full transcript Stan’s fireside chat in link in bio]