Sohn 2023 | Kiril Sokoloff in conversation with Stanley Druckenmiller

At the 2023 Sohn Investment Conference on May 9, 2023, 13D Research & Strategy Founder Kiril Sokoloff spoke with Duquesne Family Office CEO Stanley Druckenmiller about the future of investing.
This session is presented by Sohn 2023 Corporate Sponsor: Tegus

[@mojasppp]

Guys its 2023, you’re interviewing a legend here. How can you not take care of the sound?? Other than that, amaizing content

[@johnroberts5225]

his mic is so stupid

[@dmora2386]

To be fair, these are business men not twitch streamers. They don't have a shure sm7b clamped to thier Oak desk. Similarly, performing professional post processing on audio may cost more than the video brings in, in revenue. So... Do your analysis.

[@silverbullag4759]

Hard argue with that sound is very poor

[@davidhastings2603]

Sound is very low on the Interviewers side,Still an Excellent just hard difficult to here the questions. The answers are Loud & Clear❤

[@jerrytritz]

As bad as th Beatles White Album’s initial release. Tragic

[@henrypadilla7571]

Use cc when sound is poor. Druckenmiller and Sokaloff are both legends. Good high level conversation.

[@robertsmith37]

what is cc????

[@viirusiiseli]

​@@robertsmith37 Closed Captions

[@bekster5]

Great advice for drivers 🙄

[@ecjjox]

@@bekster5 Even better advice is concentrate on driving.

[@sivi9741]

About those millionaire an billionaire buy just a decent mic ?

[@mktwatcher]

Thank you for this interview and sharing it for free on KZbin. Its greatly appreciated. Please help Mr. Sokoloff get his Audio/Volume higher on future videos.

[@neilhegarty-mq4dd]

A real privilege to have this access these days. We are very lucky. Thanks very much for this.

[@doh4522]

It’s always a dead giveaway that you’re dealing with greatness when so much humility and self awareness is shown

[@lugia8888]

Hes ok

[@curtishathaway6166]

Druckenmiller is so enjoyable to listen to. Encompasses a wide range of economic issues and is so truthful about predictions being just that. Other "experts" think since they have convictions that they know the future. And most media outlets never return to those predictions and point out how wrong they were. And as others have said, it's such a shame that Sokoloff's audio was so poor.

[@Gunni1972]

Play hard, land hard. That's a reality, i learned the physical way.

[@pooh6546]

Can't believe we get to listen to such a great person like Stan. Everyone should listen to Stan's SOHN interview a year ago and see how more right he was then wrong

[@shumbi11]

It is a privilege of our times that we can access such minds.

[@hill2750]

He sounds like he's positioning for a hard landing, so what does he see the Fed doing that keeps him out of the long bond?

[@shumbi11]

@@hill2750 He has better ways to hedge than we humble plebs. I'll look to hide in TLT by Q4 into 2024. Stan's probably looking at credit default swaps.

[@hill2750]

@@shumbi11Very interesting, I'll need to give it a look

[@dustinmorris1317]

@shumbi11 what are you buying in your 401k? I already started with the bond purchases last month and plan to keep buying mid term bonds until Powell drops to 2%ish

[@juzkrej]

"When you have free money, people do stupid things. When you have free money for 11 years, people do really stupid things." - Stanley Druckenmiller.

[@arturocastelo]

What an interview! Thank you so much for your insights Stan!

[@petrock1985]

Thanks Stan and Kirill, amazing interview!!!! Stan is right about weakness in trucking which nobody really talks about.

[@roblampe1380]

I am a trucker. We are getting killed. I don't think it's a profitable business right now. 80k for used truck, it breaks down, 20 more k for repairs. Low rates equals bankruptcy for these guys.

[@DEValentine]

Nothing more valuable than an hour with The Great One during interesting times.

[@milbeck]

When Stanley Druckenmiller speaks, you listen. This was a great interview by Mr Sokoloff, letting Mr Druckenmiller speak but still steering the converstion to a fruitful outcome, which is quite frankly not that hard with Mr Druckenmiller. Thank you for publishing this interview.

[@madmantrader]

Only thing is he is short the dollar however, the dollar appears to be bottoming unless it is a fake out.

[@Pappaous]

Pavlov's dogs. 20 years of fiscal fantasy growth, Stan played his hand. Now the casino is on fire, you opt. to listen to a veteran deserter. (Decided years ago to support oligarch growth at the expense of the commons. Well, it is the bottom of the 9th, two outs, 2 balls, 2strikes... Swing batter! 😂

[@minyu2052]

Thank you Kiril and Stan. This is so insightful.

[@filipb1462]

Thank you Kiril and Stan. This was very insightful 🙏

[@tomski2671]

Good talk with one exception: Where is the Global Warming I have been promised? Seriously, I was sitting outside at Starbucks and had to go sit in the car it's so cold this summer.

[@AlanSmith88888]

Incredible insight thats easy to understand even for the regular folks.

[@Aziz__0]

The economic crisis and downturn are all the signs of 2008 market crash 2.0, so my question is do I still save in the US dollar or is it okay to move all emergency and savings to precious metals?

[@Veteran2002]

It’s always a good option to keep some gold. Well with the current market situation and everything at stake with the present economy, I’d say you’re better off staying away from stocks fr awhile or better still reach out to an adviser for guidance.

[@AlbertGReene-p8w]

@@Veteran2002 true, a lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for license advisors and came across someone of due diligence, helped a lot to grow my reserve notwithstanding inflation, from $275k to approx. $850k so far.

[@Blitcliffe]

@@AlbertGReene-p8w Can you leave in details about your investment advisor here? I’m in dire need for one.

[@AlbertGReene-p8w]

@@Blitcliffe My advisor is NICOLE DESIREE SIMON a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

[@Blitcliffe]

@@AlbertGReene-p8w After locating her, I composed an email and arranged a phone conversation. I'm optimistic that she will replies.

[@JG-re2bb]

Great discussion! Only negative was that Sokaloff was inaudible at parts. Not sure if he just mumbles or if it is due to other issues

[@Tzmaker]

kinda like the background and how it fits with drunckenmiller's deco. Might considerer using it myself

[@acandersjr]

Wonderful interview. I'm glad I spent this hour with so much experience and wisdom.

[@robwolfe6120]

48:57 possibly the most emotion I've ever seen Druckenmiller display… The extended eye blink 😂

[@chineseforextraderjay5352]

I think he was just looking down. But yes the disappointment is profound.

[@heathmulholland1228]

Amazing questions. Really thoughtful

[@danielaltiokbrown2028]

Great questions, great insight, perspective & balance for us to take away & digest & come up with our own conclusions/ideas. Thanks Henry Padilla for the idea to turn on cc when sound not so great at times.

[@thecryptobunker]

What a great combo on this one wow. Legendary.

[@julieta203]

Probably 1 of only a few traders I ever listen to. A true legend.

[@Pug318]

I must say that I am one of those individuals who can truly appreciate listening to these gentlemen speak. The interview was great and provided me with fantastic insight.

[@alm9368]

Thank you very much for uploading this wonderful dialogue.

[@vb9366]

Thanks for putting this up!

[@johnsmb5435]

Thank the Lord Jesus Christ for your blessings. Glory to God

[@rapidsk8]

Sokoloff audio is terrible, but I can listen to Stanley all day.

[@simrans3675]

I am so glad you share your audiology assessment with us and that you were able to listen to Stanley atleast. Thanks god for that! How was your day otherwise? I am worried about your breakfast as well. Would you like to share what was 'terrible' there and what you could eat 'all day'? Could be huge, if true!

[@CarsInAction1]

@@simrans3675 ur not real

[@simrans3675]

@@CarsInAction1 Neither are you :-)

[@simrans3675]

@@CarsInAction1 Also, it's 'You're', not 'ur' - must be a Gen Z loser, at best!

[@johnmorelli3775]

@@simrans3675 If you actually listen to Kiril's audio you will have your answer. it is obviously poor quality which is why so many comments below.

[@inmuebles-comerciales-Peru]

Great interview but Kiril should put some time and $ into improving his audio setup

[@brainkill7034]

Excellent interview, thank you for sharing.

[@UKtoUSABrit]

The US Govt needs many more minds like Druckenmiller's to be involved in educating our policy-makers. There's a reason billionaires become billionaires - cos they are VERY, VERY smart. Let's use their intelligence and experience to get all views considered BEFORE huge sweeping govt policies are put in place - like the idiotic Green New Deal.

[@jake4024]

The misuse of monetary policy has caused massive wealth inequality.

[@vengeance9255]

2 Legends. Godspeed.

[@jonEmontana]

Great listen. Legend

[@prana8660]

Wonderful interview ❤

[@memphiscameraman]

I love listening to Druckenmiller. Can we please include the Trump tax cuts for the rich in 2017 in the mix of reasons why the debt went up so much in recent years? Blaming entitlements for the looming debt crisis is unfair. Saying old folks deserve the brunt of the pain now without talking about higher corporate taxes is unfair. He says look at France and that is a good suggestion. It is possible to take care of a society if we are committed to that idea. In France they speak of "social cohesion" which is a foreign concept in the U.S. now.

[@Adam-km3xy]

Billionaire investors both having no clue on computer audio equipment. Got to love it.

[@cris471]

Great stuff but please provide a better sound quality next time !

[@oceansunsetak]

Good one. Stanley and i went our separate ways. Now my main source of income is social security followed by investments. Medicare is my heath insurance. A political solution to funding seems unlikely. The government continues to provide retirement and medical to 38 year olds in the military, fire, police.

[@therealthueschlief4521]

Turning on captions helps 👍

[@michaeljanewhite5467]

Thank God somebody mentioned and addressed the 500 yr. cycle.

[@spsuganth90]

Anybody able to get a look at all the books in the shelf behind both of them? Would love to have the list

[@hurleypiano3953]

Perfect accoustics

[@pibob7880]

Ok, capitalist you have your point... respect.

[@marcwhite6267]

There's also a superb book written by Kenneth Rogoff and Carmen Reinhartt, "This Time Is Different".

[@nickdolezal]

Loved your interpretation of Rach 3. Oh wait, that was Sokolov.

[@mountainpatriot7673]

There's no such thing as luck. Mr. Druckenmiller is a very blessed man. Our country needs brave leaders who will end this destructive pattern of money printing and reel in spending, cut programs, and allow capitalism to weed out the bad apples.

[@JOlivier2011]

Raise taxes. Don't cut entitlements. Raise taxes. The upper tier can afford it. What were tax rates after the 30s? When America 'did ok'

[@rnegoro1]

You should do something about the scam bots.

[@pelonete5000]

We are in the first quarter of the 21 century and you cannot have a decent sound on your computer to interview this giant?????!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[@hill2750]

I dont ever hear people talk about how much of a special case the Boomer generation was for the inflation of the 70s

[@motwoc]

Listen at 2x speed, thank me later

[@casaj6663]

At 32:30, he says treasuries are off the table. If I can get 5% in short term treasuries, why not park cash there while waiting for a big opportunity? Just trying to understand his rationale. Maybe I didn't understand his statement.

[@P__114]

I was confused by that too

[@gregoryw9]

Audio was terrible. Such a shame when there is so wisdom to be heard

[@andrewhart6200]

Workers do need a fair wage that is realistic for the circumstances we live with....rental rates/grocery stores etc...

[@c.p.1090]

Can you all doing a series on Austrian Economics and Bitcoin. Authors like Jeff Booth. BALAJI. Boyapati. Safeuddin Ammous. ANTONOPOULOUS.

[@Nocturne83]

I can't hear any of the questions, the answers were great though!

[@shadwills8594]

Bummer. I was really excited to hear this interview, but the sound is unbearable.

[@P__114]

Lol, grow up. It’s not that bad.

[@PetrifiedPalace]

Remember the day before 9/11 when Rumsfeld said they didn't know where 3 trillion dollars went? It's a whole lot more than that and too bad we can't use that money openly and honestly.

[@brunoheggli2888]

If they talking about taking the pain,they mean the poor and the middleclasse has to take the pain,never the rich!

[@issenvan1050]

Was Ed Hyman at their staff meeting?

[@LOSTmanONTHEINTERNET]

Presenter bad mic quality and croaky voice make this a tough listen

[@johnnymartinARTIST]

right the sound blows!

[@justcallmeccrazy2116]

Hey Why when talking entitlements to get back return on invested capital ( which many people paid into) are government employee entitlements ( called retirement) not mentioned ? 20 years and out firemen, 30 years and out post office employees, military 20 years, defense companies and on and on it goes not to mention medical coverage while working and in retirement, paid holidays while working, paid vacations and so on.

[@mahirhaque1801]

A gift

[@rebeccavoodoo2191]

Remember this: On September 30, 1987 - near the end of the Reagan Administration - total federal debt stood at $2.3 trillion. Our federal government took 200 years to incur $2.3 trillion dollars worth of debt. Now it’s 34 trillion ..paper stocks priced in U.S. dollars …which means technical fault = worthless stocks

[@ToneGuruLA]

Is there some law that says smart wealthy men are not allowed to have good audio? Gentlemen, please consider hiring an audio engineer. If you cannot find one, please feel free to contact me. PS. Great show, and great insight. Thank you.

[@keithconn5739]

What about individuals on social security who never paid in. Are all who receive ss and Medicare legal residents of the USA?

[@AH-gt4eq]

No free lunch, time to pay the bill!

[@AH-gt4eq]

Luv listening to such wisdom.

[@bsweeney29]

Great convo. Get taller books and a better mic

[@vincentmurphy9252]

You finally said it but in truth the way out of this is a depression! Real deep that way America can go on another 100-200 years if not it’s on 25-50 year time frame

[@2hug]

Grandpa on the left is really difficult to understand, but overall great conversation.

[@franztippner7933]

It is such a great interview. But it's a shame, that Kiril doesn't pronounce properly and doesn't seem to know to use his microphone properly. I neerly couldn't understand a word of what he mumbled somewhere but not in to his micro. That could have even been repaired by using some software. But he didn't. May be my speakers are not the best. But 95% of the people I can understand much much better.

[@KcZyro]

Our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

[@KbcFoundation-un3re]

People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@OkehAgathaOluchi]

Inflation is gradually going to become part of us and due to that fact any money you keep in cash or in a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.

[@IsabellaLisa-vz3jz]

How can i get started when it comes to investing and passive income?

[@KbcFoundation-un3re]

*Whitney Kay Stacy* you can read up on her, she's quite known and her works speaks for itself.

[@IsabellaLisa-vz3jz]

@@KbcFoundation-un3re Thank you so much

[@Raymondcraw1967RaymondCrawley]

The S&P 500 moved 8.9% higher last Month, achieving one of its best monthly performances in history.. which is an indicator for profits to continue to improve. I just want my money to keep outgrowing the inflation rate. I'm still looking for companies to make additions to my $500K portfolio, to boost performance. Here for ideas...

[@VanessaWilliams-pu8vt]

I think the next big thing will be A.I. For enduring growth akin to META, it's vital to avoid impulsive decisions driven by short-term fluctuations. Prioritize patience and a long-term perspective consider financial advisory for informed buying and selling decisions.

[@BrewerVera]

A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@AndersonFair-cy2bb]

Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I'm in dire need for one.

[@BrewerVera]

*Whitney Kay Stacy* is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@AndersonFair-cy2bb]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@vincentl22]

Get your sound together next time pls

[@jimjackson4256]

It sounds as if it is the US govt vs compound interest .Who will win? I’m going with compound interest.

[@issenvan1050]

Doesn’t gold do well during recessions?

[@nomadcorporatist]

why the host couldnt afford a better microphone

[@draymond5067]

Sam nails it, and in a descret way

[@bigmoose143]

Someone please tell Kiril that we are not here to listen to his forecasts, we are here to listen to Stan’s forecasts😂

[@Sokeritoppavuori]

So true! Every time the same bloody thing 😂

[@keithconn5739]

We do have checks on us. They are called the congress, senate, constitution. If not any of these then maybe just morals?

[@alanrobinson1319]

Kiril needs to speak up. I can't hear the questions

[@Marley78lm]

Great interview. However, I think he is wrong about MBS. I think MBS has done some damage beyond repair.

[@chineseforextraderjay5352]

35:20 - A follow up question to Drukenmiller's response regarding the outlook on entitlements + interest expense (being 100% GDP in 2040, and 117% in 2052) might be: Can you see a way the US economy might grow into the unfunded liabilities through a surge in productivity, for example from AI and self-driving vehicle production? In the last 300 years, global expansion has come from the Industrial Revolution in the West (1800s), industrialization of the largest population in the world (China in post 1980s), and then the internet/computing revolution. Could the next wave of expansion be from the AI revolution, and what should be the government's role be in allocating this wealth creation between the new Haves and Have Nots?

[@genarasaritacotrera7011]

Romeo santo grupo abentura leyenda mahall

[@MoonBull13]

Id love to know what books stanley has behind him

[@patricksquires77]

The higher the net worth - the worse the audio quality. This is fact.

[@issenvan1050]

Inflation is dead, per the Quantity of Money! Watch Steve Hanke.

[@noelio67]

RFK Jr 2024 🇺🇸 🇺🇲

[@Steve-yz9uo]

The sound is terrible guys. I dunno what Carol is saying

[@yoyo762]

blah blah blah. Heard all this bear babble for decades. And the economy and market is just fine and growing.

[@chill29394]

Ya, it's totally fantastic now 😂

[@yoyo762]

@@chill29394 short the market . Enjoy the losses.

[@supamariooo]

Kiril is the godfather of mumble rap

[@SASOak2503]

I wonder if Stan still feels we are headed for a hard landing? Clearly the market thinks otherwise, as many stocks, esp large cap, are near all time high.

[@jeffreychandleton5794]

This. Is. Huge. Even with poor sound.

[@jean-paulokada497]

Boomers are talking boomer economy

[@jakelamotta7904]

What is Al?