Stan Druckenmiller might have one of the best long-term trading records and the honor of having raked in $1 billion for George Soros by forcing a devaluation of the British pound in 1992. He might have done his personal motto, "It takes courage to be a pig," proud. But that doesn't mean he's having an easy time of it. Tired of the stress, Druckenmiller is shuttering his firm, Duquesne Capital Management, which oversees $12 billion and has never had a losing year. Partly because it's down 5 percent this year, but mostly because he can no longer take the emotional toll. In a letter to his 100 clients, Druckenmiller wrote, “While the joy of winning for clients is immense, for me the disappointment of each interim drawdown over the years has taken a cumulative toll that I cannot continue to sustain.”
Druckenmiller toyed with retiring after leaving Soros Management Fund a decade ago, but the decision crystallized after he had to tell Johann Rupert, CEO of the world’s largest jewelry-maker, no to a golf tournament in Scotland. “Are you crazy?” Druckenmiller recalls Rupert saying. “You’ve been doing this for 30 years. You are a billionaire. You can’t take a couple of days off to play golf?” Then, realizing he was worth an estimated $2.8 billion, Druckenmiller decided, yes, there were better things he could do than make the rich richer.
Bloomberg's Katherine Burton discusses her interview with Druckenmiller.