Stan Druckenmiller | Podcast | In Good Company | Norges Bank Investment Management

[@joshuarasam2162]

I want to remind everyone how lucky we are to have this content available to us and for FREE! Absolutely amazing interview.

[@revl6151]

It's cool to speculate about the future, but it's simply just entertainment value

[@harryharry3193]

are you stating the paid ones are BS and are there to make people go into "certain stocks"? everyone has an angle

[@ayenewwolde4393]

I am a big fun of this podcast. 🎉🎉🎉

[@kirstinstrand6292]

@@revl6151 in reality, this is likely a true statement. Grist for the mill!

[@vulgaris5497]

I want to remind everyone how lucky we are to be exit liquidity for the likes of Stan Druckenmiller.

[@LucasBenjamin-hv7sk]

Sometimes Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

[@RaybellarayRay]

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin ,While also continuously learning from mistakes and improving

[@CharlesArthur-fq5sx]

Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.

[@williamDonaldson432]

After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.

[@foreverlaura-fq4eu]

@@williamDonaldson432 Market behaviour can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

[@williamDonaldson432]

Rebecca Lynne Buie is the coach who guides me. With years of experience in the financial markets, her strategies have worked well for me and contributed to my success. She offers clear entry and exit points for the securities I focus on

[@jcstravelfilms]

It's very rare to see Mr. Druckenmiller give interviews, especially of this length. You ask questions like a boss because you are a boss. I enjoyed every bit of it. If possible, I would love to see you interview Leon Cooperman, Carl Icahn, Bill Miller, and, if possible, the king of them all, Buffett.

[@JamesBlazen]

I'd add Paul Tudor Jones, Jeremy Grantham, John Paulson, Jim Rogers. They're all getting old.

[@rulenumber2]

I'll add Ackman, Soros and Peter Lynch. Amazing work by the way.

[@Elgringo2180]

Let’s keep it at 69 likes gents

[@David81515]

Paul Tudor jones next please sir

[@David81515]

@@rulenumber2soros is the devil

[@ivaniliev496]

Druckenmiller is the real deal, not only for his trading track, but for embodying a challenge we all face: realizing that the qualities driving success-taking risks and timing our moves-are cyclical, just like the markets. The paradox is that when you’ve done this long enough, you stop merely participating in the market rather the market becomes part of you.

[@alchemist1218]

"you stop merely participating in the market rather the market becomes part of you" ... Dude, you sure come out with some zen bullshit.

[@Matthew-us2ys]

@@alchemist1218 it's AI that wrote his comment, which is why it's banal and shit

[@temjinck470]

Great interview! AI summary below and investment implications. Fully agree actually. Positioned for this. (00:37) Druckenmiller notes that despite being known as a macro investor, he sees no significant economic weakness except in housing, and doesn't expect major economic problems in the next 3-6 months. (01:15-02:35) He expresses concern about inflation potentially rising again, drawing parallels to the 1970s pattern where inflation fell from 8% to 3% before rising again. (03:13-04:37) Discusses potential inflation triggers including Trump winning (leading to deregulation and tariffs), and criticizes the Fed's premature rate cuts and obsession with achieving a "soft landing." (05:52-07:40) Identifies the U.S. budget deficit as a long-term concern, particularly highlighting the risk of running 7% deficits during full employment, though notes America's reserve currency status has allowed more leeway. (12:38-14:33) Shares insights on early investment in NVIDIA and the AI sector, viewing AI as an existential threat that companies must invest in to remain competitive. (26:05-29:43) Emphasizes the importance of being able to "clean the slate" and start over in investing, and discusses learning from mentors like George Soros about sizing positions and having conviction. (40:10) On AI in investing, believes machines won't replace humans but can serve as effective "co-pilots" to enhance human decision-making. SHORT TERM (3-6 months): Market Environment: Financial conditions remain loose despite recent Fed tightening No immediate signs of economic weakness Rising inflation concerns Investment Implications: Stay invested in equities, particularly in tech/AI sector Consider inflation hedges (gold mentioned as being at new highs) Be cautious on housing-related investments due to weakness in that sector Watch for rising yields as a potential risk factor MEDIUM TERM (6-18 months): Key Risk Factors: Potential inflation resurgence similar to 1970s pattern Corporate debt rollovers in 2025-26 could cause stress Political uncertainty (potential Trump victory effects) Fed's limited flexibility due to forward guidance Investment Implications: Position for possible higher rates (10-year yields could reach 6-7% if nominal GDP rises) Focus on companies with pricing power Consider commodities as inflation hedge Watch for opportunities in healthcare, particularly obesity drugs (mentioned as a strong secular trend) LONG TERM (2+ years): Structural Changes: AI revolution continuing ("existential threat" to businesses that don't adapt) Fiscal deficit concerns (7% of GDP during full employment is unsustainable) Potential reserve currency status challenges Investment Recommendations by Asset Class: Equities: Strong focus on AI/Tech sector (particularly companies like NVIDIA) Healthcare sector (especially obesity drug producers) Companies with strong pricing power Caution on companies with high refinancing needs in 2025-26 Fixed Income: Caution on long-duration bonds given inflation risks Watch for potential "failed auctions" in government bonds Consider shorter duration positioning Currencies: USD strength supported by reserve currency status But watch for potential "trust moment" that could change this Commodities: Positive on gold as inflation hedge Uranium opportunities due to AI power demands Energy sector exposure for inflation protection Alternative Investments: Look for opportunities in companies that enable AI infrastructure Focus on power/energy infrastructure needed for AI development Key Investment Principles from Druckenmiller: Concentration over diversification when high conviction exists Willingness to "clean the slate" and start over when thesis changes Use multiple asset classes for positioning Combine bottom-up analysis with macro views Don't be afraid to size positions large when conviction is high Risk Factors to Monitor: Inflation trajectory Fed policy shifts Fiscal deficit sustainability Corporate debt refinancing cycle Political developments AI adoption rates and impacts Bond market stability Financial conditions

[@Realwater23]

What did you use to produce this?

[@kirstinstrand6292]

Many thanks! I'll look closely to determine its value to me. Thanks oodles for your time.

[@shekarsubramanian9562]

Wow. Thanks this was helpful

[@temjinck470]

​@@Realwater23Claude 3.5 Sonnet, love it

[@DaBooMGR]

Thank you! Saved me a bunch of time!

[@florian5810]

Druckenmiller is the most honest person on the street. I love it when people talk about what they did wrong so much to learn.

[@shaileshparikh6920]

I am Speechless and so impressed - the Guest and the Host. I know I will be listening to this conversation many many times for a long time to come. Just so inspired by Mr. Druckenmiller's candid interview! I am hoping to LEARN and apply the knowledge and become a better investor. Thank you!

[@JamesonSharp]

Just a enjoyable and rich conversation. Stan just shared his journey and habits for younger Macro Investors. I learned a lot. Thanks Mr. Druckenmiller. 👍

[@Biggerstaff4]

I've been holding cash since 2020 pandemic crash, just went 'all in' and bought about $250k worth of ETFs & individual stocks at discount, hoping to average down on ailing companies, in order to achieve my retirement goal of $1m, tho not sure of the economy right now.

[@LoriRish-]

the fin-mkt to me is like a lucrative chess game, incredibly difficult to outperform, it's all about understanding how the world moves, its history and psychology.. goodluck!

[@justlikeasoldier]

That's quite well put. I think you need to be a student of both the past and the future

[@beautifulpeopleonearth]

The issue is that most people have the “I want to do it myself mentality” without being well-qualified, hence get burnt during crash, no offense intended. I've attained nearly 7-figure after subsequent investments, since the rona-outbreak in Jan.2020 to date, only cos I know enough to seek expert counsel at uncertain times.

[@garrickphillips-x1z]

@@beautifulpeopleonearth this is huge, congrats! mind sharing info of the advisor guiding you please? I'm only 3 months in the market and my portfolio is tanking beyond control, I could really use a help right now

[@beautifulpeopleonearth]

Can't divulge much, the advisor guiding me is 'Katherine Nance Dietz' she's well qualified and established, simply do due diligence.

[@pauline-o2q]

I've heard that index funds and ETFs provide diversified stock market exposure while spreading risk. I have over $800K in savings; What's the most effective strategy to allocate funds in my portfolio and generate profits?

[@heatherj-o5j]

Yes, there are strategies that could be put in place for solid gains regardless of economy situation, but such execution is usually carried out by an investment specialist

[@KarenJ.Mancia]

Right, a lot of folks downplay the role of advisors until being burnt by their emotions, no offense. I remember some years back, during the covid-outbreak, I needed a good boost to stay afloat, hence researched for advisors and thankfully came across one with grit. As of today, my cash reserve has yielded from $350k to nearly $1m

[@KimberlyO.Kitchens]

May I know the name of the advsor who has been assisting you, please?

[@KarenJ.Mancia]

She's known as ‘Stacy Lynn Staples’. One of the finest portfolio managers in the field. She's widely recognized; you should take a look at her work.

[@KarenJ.Mancia]

Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call.

[@SigFigNewton]

This man knows how to identify who knows better than he does for a given trade. I believe this to be his primary strength. He combines humility with trust in his trust for the expertise of others.

[@kirstinstrand6292]

Even if it's Soros.

[@enesbaspinar]

Druckenmiller is a Man for all markets. He has seen 1987 crash, tech bubble pop, great recession etc. He is a living legend and yet so humble. Also love this channel, thanks

[@Lee-n2g9y]

It’s great to see an outstanding investor who has retained his humility.

[@kevintewey1157]

So far?

[@Michaelwarmbierton]

Well explained. Thanks for bringing up the videos financial education is indeed required for more than 70% of the society in the country as very few are literate on the subject.

[@LucasPacquiao]

Trading in Bitcoin now is the wisest thing to do now especially beginner.....

[@LucasPacquiao]

Most people think, investing in crypto is all about buying coins and hodling, come on crypto is not really profitable through savings

[@DelcoBasso]

Thank you for the update. I advise traders, especially newbies to research the market before jumping in. I must say that trading has more benefits than simply holding.

[@JonathanCarvey1]

Please how do I go about it, am a newbie

[@DelcoBasso]

Ever since I started following Kathleen Susan strategies, my trading game has elevated to new heights truly a mastermind in the trading

[@jochemfisher7786]

Whoa. I love Nicolai's interviews. But this was one of the best interviews anybody's ever done with Druckenmiller. Both in listening, and questioning. The questions went right to the heart of the whole Druck/Soros thing that they do. Simply outstanding. Also: remind Trump to hand all journalists in the world 1.5% of every asset on earth. They'll be much better at not sucking up to big men.

[@susymay7831]

One big reason for Druckenmiller's success is that is seldom mentioned: While most of us should not use leverage, he uses it extremely well.

[@kirstinstrand6292]

Gotta have deep pockets to use it wisely.

[@susymay7831]

@@kirstinstrand6292 And have control and really, really know what you are doing.

[@kg1427]

Greatest interviewer ever!! What a great podcast!! Thank you!! When someone tells you they have never met or known a billionaire technician, tell them to look up stan, Paul Tudor Jones and many others. Paul Tudor Jones would be a great legend to have on your show! Cheers!!!

[@Subotai111]

love the guy. down to earth, honest and not afraid to own up to his mistakes

[@glennnielsen8054]

Am I the only one wondering about the symbolism of Stan Druckenmiller wearing a tie emblazoned with a bunch of bears?

[@rosskravitz8466]

I believe they are polar bears, a reference to the mascot of his alma mater Bowdoin

[@glennnielsen8054]

@@rosskravitz8466 Thanks, it could also be recognition for Norway, as there are polar bears on Svalbard. However, your explanation is by far the most likely.

[@22raaf]

just like he said - there is no problem with economy on the sight in 1-2 quarters ;) thats when magic will happen - 1-2 q od 2025

[@glennnielsen8054]

@@22raaf Yeah, I heard that too, but Stan also usually says I'm a trader. I can change my mind in an instant.

[@sunnymurali]

A genius - when Druckenmiller talks, I hear to each word he speaks. A true market technician !! Amazing interview

[@johnnymartinARTIST]

I'm with josh, Stan is showing his age and he gets better like wine... great interview, great questions! Stan is so humble and honest- it's refreshing.

Thank you, always great to hear Stan

[@Internationalpony2k]

For some reason I never get tired of listening to Stan. 🤷🏻

[@SR-zu9pn]

Druck's candor and honesty, geez humility and insights so refreshing.

[@JamesBlazen]

There are lots of ways to make money in the markets. The trick is to find your way not try to copy Druckenmiller's or somebody else's way. Great interview with one of the world's best traders of all time.

[@Internationalpony2k]

Underrated comment

[@filipweber9698]

That was one of the best podcasts ever for me!

[@TheJurgen57]

It is always a pleasure to hear Druckenmiller talk and I hope he keeps doing these talks as long as Buffet has.

[@shanemcdaniel-d2v]

I have a lawn cutting business in florida. It is just for over 15 years, but THIS man speaks my language. I learned so much from his simple, pragmatic, and disciplined approach on not so much of investment but in life I admire.

[@bingebinge3722]

Indeed, a lot of times, investment and trading is about realizing common senses and placing the right bets to express them. It is meant to be simple and not confusing.

[@kevintewey1157]

Like I said early the information.The education to understand and follow this should come in a booklet not six year degree

[@kevintewey1157]

​@@bingebinge3722After translation? 😂

[@kevintewey1157]

​@@bingebinge3722Well perhaps it was too simple in the twenties and thirties leading up to the great crash

[@leighgoodwin1726]

Brilliant interview of a brilliant man. He wouldn’t acknowledge that as one reason he’s successful is his humility. Excellent

[@jimchen6236]

I have been interested in the financial markets for more than 30 years. This is great.

[@Gil-y6d]

Imagine US 10Y bond at 6 or 7% yield. Stock markets would be slaughter house. We might not be in bubbles, but everything is all time high right now. Thanks for great interviews.

[@petermaag9622]

They said about 5% when rates were near zero.

[@samd8652]

Mr Druckenmiller is looking well and has been looking after his health. I am a laymen and could listen to Stanley all day everyday even know I'm not a investor. A legend amongst the greatest likes of Buffet, Munged and others. Thanks for your content.

[@ivancarrillo1889]

I do not how many times I have heard the british pound story but I do not get tired of it

[@jameswalker366]

Incredible interview. Thank you you for put his together.

[@lukang72]

this is a great interview. Stanley gives real insight into his investing process, thinking and approach. absolutely valuable content.

[@ibinvestor]

Wonderful interview, so much insight and I really appreciate him sharing his valuable mistakes! Druckenmiller is really one of the few GOATS of the industry.

[@rztrk3311]

Amazing interview - interviewer did great job and am impressed by Druckenmiller's humility. As a competitive chess player, was delighted to hear of Druckenmiller's connection to chess! :)

[@andrewchia4124]

So much amazing insight into the mentality of the GOAT of trading

[@yahmoht6470]

What a legend Druckenmiller is!! And such a nice job by Nicolai (who actually manages a trillion-dollar fund) interviewing in a very respectful, humble manner. Bravo Nicolai!

[@Pambegay]

With a good investment plan that ensures steady income without any doubts I and my wife are prepared for a well organized retirement. I started investing in stocks 2 years ago and so far, I am making a good yield on my dividend. I've learned that getting a good return is very much attainable only if you know your way around it.

[@Halllaand]

You say it like it's easy forgetting that not everyone is as lucky as you are. I've invested for months now without any progress. How are you able to do it?

[@Pambegay]

It's totally far from luck. Sir Jonas Herman, a licensed fiduciary has consistently outperformed the market ever since I got on his program. He has continued to put my $25k to good use with market driven strategies making me an optimal return of over $101k

[@Zmlambo]

Do not forget that when it comes to investing, prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors or “experts” do not influence.

[@Heavenonearth760]

I'm green in the investing space. I work most of the week and barely have time to myself. I'd like to use mentorship. How can I get to him?

[@Pambegay]

Hermanw jonas that’s his gmail okay

[@Indy-Vidual]

Great interview, thank you very much for getting Stan to open up and show his great character!

[@chrisp9466]

Druck the Technician! This interview is so badass. Thank you very much....incredible!

[@SH-np8hz]

First time a westerner interviewer quietly listen to the guest. Enjoyed this interview.

[@Tnks4cmin]

I am considering purchasing some stocks in this bull run. I'm contemplating investing more than $300k for retirement but while the bull run can generate short-term excitement, i also need long-term investment strategy

[@Armstrong741]

The market seems to be at all time high but cant predict what next.. if i was in your shoes with 300k, I'd consider financial advisory

[@Eugene-m2v]

Having an investment advisor is the best approach to the stock market right now. I was going solo without much success until my wife introduced me to an advisor. I've achieved over 80% capital growth this year, excluding dividends.

[@Chaser-o9h]

Hey friend, How can I work with your Fiduciary?

[@Eugene-m2v]

*Marissa Lynn Babula* 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..

[@Eugene-m2v]

*Marissa Lynn Babula* is the advisr I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.

[@jean-marcducommun8185]

First of all thank you Gentlemen for that fascinating interview! As a retired but still active money manager myself I could listen to Stan hours and days as it never gets boring because he's a very honest person while in a profession where you find lots of people with an ego that outshines Muhammad Ali. But to be clear, without the interesting questions and thoughtful atmosphere created by Nicolai this wouldn't have been possible, it's been a real pleasure to sit and listen. Main takeaway: Size matters. At least when it comes to success in speculation.

[@kevintewey1157]

The intelligence and knowledge to follow this kind of stuff should come in a booklet not a six year degree

[@Least_Resistance]

Thank you! Thank you! Thank you! Whenever Stan talks, I quietly listen.

[@arranmacdonald6897]

This is amazing. Watched 3 times already. Stan the man.

[@ksriram1978]

Fantastic interview! 👏 Pearls of financial wisdom from Stan. Thank you!

[@rajguleria3862]

the interviewer has a NATURAL authoritative Poise and Vibe about him ....Thoroughly enjoyed his Qs and style of interviewing !

[@VincentFulco]

This gentleman is a humble genius, what an incredible career.

[@iGuide_net]

Found myself really liking Druck. So humble and transparent.

[@lkolivakis]

Fantastic interview, Druck is by far the best macro/ market trader in the world and always articulates his thoughts clearly.

[@baobaobiz]

This shall go down in history as a legendary record of financial investment insight.

[@alexkuhnert6856]

Absolutely WOW! What a major learning opportunity for all investors....its at the level of a BRK AGM discussion with Warren and Charlie. But its a different investment approach. Absolutely outstanding Stan and Nicolai - Thank you for sharing. Much appreciated. Looking forward to watching more and learning still more!

[@SuccessSeeker09]

I see Mr. Druckenmiller I automatically click, such a fascinating person.

[@bustermoon8297]

this belongs to the best interviews i have ever heard....thank you so much

[@MNSTgrowth]

Amazing interview! Never had I ever heard an interview with Stan with so much transparency and wisdom. Please keep these interviews coming. Nicolai, if possible,would you consider interviewing Tom Lee from Fundstrat? He’d be a great guest on this podcast 🙏

[@stephencostin2616]

I always enjoy listening to Stan Druckenmiller

[@user-dv5gm2gc3u]

one of the more interesting interviews with stan, where he gives some insights in methods he's using and concrete examples with motivations. Thanks!

[@yankocuervoaja]

Thank you so much for this content, it's really incredible this is for free.

[@SB-yq8uo]

Great interview. Short and to the point from both parties

[@Juoa794]

Love it. None of all that BS asking what happened between when he was born ultil he became an investor.

[@ownagejuice1394]

Drucketmiller, my idol. I wish he had a newsletter where he always wrote about the markets

[@BoonTee]

Great interview! Stan's intuition 💪

[@michaelwaters8408]

Privilegeto listen to SD speaking openly, thank you .

[@markkuskin5453]

This was an incredibly informative and engaging podcast! Thanks Gentlemen for sharing this open and honest conversation.

[@jimbojimbo6873]

The Sterling short story was incredible

[@hony1717]

this was really great, Druckenmiller is a character

[@Nitin_Rohilla]

Stan is a Legend... and Interviewer has done a very good job..!!

[@ziprline]

This man's analysis is invaluable.

[@ridzuanali1919]

Most grateful for this session. God bless. 🙏

[@motorxplorer]

Brilliant conversation, thanks for producing and sharing

[@rahulchahal3824]

This was awesome conversation

[@susannegianci5560]

Enjoyed this interview! Will rewatched again.!

[@Dillinger945]

Epic conversation indeed!

[@chadmiller1222]

Great interview. Thank you! I love how professional, yet down to Earth, he is.

[@tracyyue]

This is absolutely gold of an interview. Appreciate it

[@DesmondMiles333]

This is truly a gem of YT channel.

[@gtboard]

One of the better / most easiest to listen to Druckenmiller interview, thanks! Interestign story about the D-mark. LOL he forgot about the Krona we sure didnt LOL.

[@robforth7253]

Can't thank you enough. What an epic conversation

[@MD97123]

Always some amazing wisdom from Druckenmiller, thanks for the interview.

[@erkanpetik9276]

His tie... Tells everything you need to know.

[@maxx0531]

Polar bearish

[@syncmeandroid]

😂

[@erlendbo]

what an amazing interview. I learned so much

[@eduardotoloza4211]

Thanks a lot for this interview and the last question.

[@jonathanhamel]

The best investor in modern times

[@miguelangelherrera7074]

I love this podcast, so much wisdom.

[@WalksWallStreet]

Fantastic Interview - Thank You

[@Aarrenrhonda3]

Every day, we are confronted with new difficulties. It is currently accepted as the standard. We mistaken it for a crisis at first, but now we realize it as a new normal to which we must adapt. What steps can we take to improve income during the quantitative adjustment, given that 2024 will be a year of severe economic hardship for the whole country? I can't let my $800,000 in savings vanish after all my hard work.

[@Peterl4290]

My belief is that the US dollar's value affects investments in a variety of ways, but having a trained portfolio adviser who can research and experience a completely broad market has never made figuring out how to grow your money easier.

[@larrypaul-cw9nk]

Utilizing a portfolio advisor when investing is, in my opinion, fantastic. I was really suffering financial nightmares before speaking with a certified portfolio advisor, right before the pandemic crash in March 2020. In conclusion, I have so far increased my initial $460k investment to over two million dollars with the help of my advisor.

[@sabastinenoah]

Where may one locate a wise FA? Even while I like the idea of using their services, it's unfortunate that recent stock market catastrophes have started to happen more frequently.

[@larrypaul-cw9nk]

Annette Christine Conte is the brokerage adviser. She has been quite helpful, and as a result of her advice, I now have a better understanding of how to make money. You can reach her by looking for her online and heading to her page. She is an expert in her field.

[@sabastinenoah]

I did look her up; she is full up, and her credentials and resume are excellent. Regardless, I scheduled a consultation with her.

[@SallyTiff]

Such an insightful interview! ❤ got to watch it again n again to sink it into my head. Massive thanks!

[@leonardogarces7563]

Thanks for making this happen!

[@timurbarotov2037]

Thanks for publishing this, very nice!

[@dirkbreugelmans4129]

great interview , with great questions !

[@anuragsaxena1010]

It was just amazing to hear from the legend

[@LZem3]

If KZbin had a top 10 all time this one would be on the list.

[@ndesa-g6c]

THANK YOU STAN DRUCKENMILLER!!!!!!!! We don't deserve you!!!!

[@hudooguru2]

What a great interview. Thank you for producing this.

[@AndySowyer]

What a wonderful man! What a fascinating talk!

[@SantiagoLopez-ke9nx]

It’s has been incredible and epic interview .

[@Jannicke42]

Wonderful interview. A real treat. Thank you so much

[@hassanj1861]

Norway is lucky to have Nicolai

[@kp2718]

There's no other person on Wall Street I respect more. No bs, great performance, great stories, veycandid, gives credit to his team, shares his wisdom in F13s;) and you do get wiser every time you listen to him.