Quotes from Stanley Druckenmiller

I believe that good investors are successful not because of their IQ, but because they have an investing discipline. But, what is more disciplined than a machine? A well-researched machine can make many average investors redundant, leaving behind only the really good human investors with exceptional intuition and skill.

In my experience, the more successful an idea is, the easier it is to fund it. In philanthropy, it's almost harder.

Once you make a lot of money, it's incredibly enjoyable to give it away. It's a way to satisfy the soul.

The way to build long-term returns is through preservation of capital and home runs.

Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That's how I started. I watched the stock market, how equities reacted to change in levels of economic activity, and I could understand how price signals worked and how to forecast them.

I like putting all my eggs in one basket and then watching the basket very carefully.

I've always loved to play games, and face it: investing is one big game. You need to be decisive, open-minded, flexible and competitive.

The few times that Soros has ever criticized me was when I was really right on a market and didn't maximize the opportunity.

If you're extremely confident, taking a loss doesn't bother you.

Good debt growth is when you borrow money, and it goes into the real economy. You do capital spending. You build businesses.

The way you create deflation is you create an asset bubble.

Every serious deflation I've looked at is preceded by an asset bubble, and then it bursts.

With my business, the way you make big money is you find a great management team and a good concept, and you stick to it, and you add to it over time. In philanthropy, there was more this idea that once an idea was formulated, you moved along.

Whenever I see a stock market explode, six to 12 months later you are in a full blown recovery.

I think ageing demographics is a bigger issue in China than people think. And the problems it creates should be become evident as early as 2016.

If you're running a business for the long term, the last thing you should be doing is borrowing money to buy back stock.

I don't put Tesla in the Amazon category. They have not proved to me that, as a financial model and an economic model, it is going to work.

I have given myself a Tesla for my 60th birthday.

Soros is the best loss taker I've ever seen. He doesn't care whether he wins or loses on a trade. If a trade doesn't work, he's confident enough about his ability to win on other trades that he can easily walk away from the position.

The first thing I heard when I got in the business - not from my mentor - was, 'Bulls make money, bears make money, and pigs get slaughtered.' I'm here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig.

For 30 years I've been responsible for managing client money, and it's been a joy, but at some point I need to move on. Thirty years is enough.

I don't really like hedging. To me, if something needs to be hedged, you shouldn't have a position in it.

Once an economy reaches a certain level of acceleration... the Fed is no longer with you... The Fed, instead of trying to get the economy moving, reverts to acting like the central bankers they are and starts worrying about inflation and things getting too hot.

Bitcoin is like anything else: it's worth what people are willing to pay for it.