Bloomberg News reporter Katherine Burton exclusively broke the story this morning at 10:30 AM that hedge fund icon Stanley Druckenmiller, a key player in George Soros’ 1992 famous bet against the British pound that earned him $1 billion, is closing his firm after 30 years, saying that he tired of the stress of managing money for others. In a letter sent to his investors Druckenmiller said that over the last years, the hedge fund business has taken a toll on him both professionally and personally.
“I have had to recognize that competing in the markets oversuch a long time frame imposes heavy personal costs,” he said. “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’s fund, Duquesne Capital Management, has returned an average of 30% per year since 1986.
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Druckenmiller August 2010 Letter to Investors
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