Stanley Druckenmiller - Made $1 Billion Betting on the German Mark
Stanley Freeman Druckenmiller (born June 14, 1953) is an American investor, hedge fund manager and philanthropist. He is the former chairman and president of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010 because he felt unable to deliver high returns to his clients. At the time of closing, Duquesne Capital had over $12 billion in assets. [1]
While George Soros was shorting the pound, Stanley Druckenmiller, who was then employed by Soros's Quantum fund, was betting on the German mark. Before the Berlin Wall fell, the reunification of East and West Germany seems like so mammoth a task that the German mark was depressed to an extreme level.
Initially Druckenmiller put several million into a bet that the mark would rally, but later, on Soros's say-so, he increased his purchase to about $2 billion. The mark rallied, and Druckenmiller made the fund $1 billion. [2]
While George Soros was shorting the pound, Stanley Druckenmiller, who was then employed by Soros's Quantum fund, was betting on the German mark. Before the Berlin Wall fell, the reunification of East and West Germany seems like so mammoth a task that the German mark was depressed to an extreme level.
Initially Druckenmiller put several million into a bet that the mark would rally, but later, on Soros's say-so, he increased his purchase to about $2 billion. The mark rallied, and Druckenmiller made the fund $1 billion. [2]
