Stanley Freeman Druckenmiller (born June 14, 1953)[1] is an American billionaire investor, philanthropist and former hedge fund manager.
[1] He dropped out of a 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.
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, in an event known as Black Wednesday.
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.
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.
[10] 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."
[22] In 2020, after the stock market crash and subsequent rally above pre-crash levels, Druckenmiller said he expects inflation in the US economy due to actions taken by the Federal Reserve.
[23] He made a similar warning in 2013 during an address at Bowdoin College in which he noted that, since 1994, he has been concerned that spending on government entitlement programs would lead to an economic crisis worse than the financial collapse of 2008.
[26] In 2010, Stanley Druckenmiller announced that he will close his Duquesne Capital hedge fund in order to spend more time on philanthropy, according to Bloomberg.com.
In 2013, Druckenmiller and Canada toured college campuses urging reform in taxation, health care, and Social Security to ensure intergenerational equity.
NFL owners unanimously approved the restructuring of ownership on December 17, 2008, with Dan & Art II getting the mandated 30% stake.