Fantastic interview. Somehow, watching this two years after it was recorded may have made watching it even more relevant to me. Definitely took a lot away from it.

Just joined real vision and absolutely loving these interviews, amazing station Raoul Pal.

after all the things he said in realvision video, this made me surprised really. "Stanley Druckenmiller is still bullish the market because of the Fed and Trump PUBLISHED FRI, JAN 17 2020 8:53 AM EST" https://www.cnbc.com/2020/01/17/stanley-druckenmiller-agrees-with-tepper-still-bullish-the-market-because-of-the-fed-and-trump.html

90 minutes of Stan Druckenmiller talkinmg widely and cadidly about everything and superbly guided by Kiril Sokoloff. And quite a lot of Thumbs Down. How we laughed! what were you people wanting? This was AMAZING!

This was superb. Kiril did a great job - and his interview style is fantastic. As a money manager, Stan is legend, and loved his comments about the importance of self reflection and trading after drawdowns.

Who on earth is down voting it and why? Honestly, would love to know...genuinely interested.

I think that the rage Mr. Druckenmiller's high performers at Soros felt towards sharing their earnings with the low performers is very telling, but not for the way in which he thinks. I do not think the rage is a proper analogy for the rise of populism as I wrote in an earlier comment below, but I do think the rage is significant because it goes back to fairness as being in our human DNA. The traders rage about sharing their earnings unfairly is exactly the reason why socialism wherever it is tried never works. When our jobs are based on us as workers bringing in dollars or performing at competitive levels then people want to be fairly compensated for what they contribute and this is why the high performers were so angry at the low performers, regardless of the amount of money they were paid. People who have to share their earnings for their hard work with others that they might see as lazy or inferior in some way causes resentment - "why should I work hard when he doesn't" or "why should I work harder if we all get paid the same". This is why socialism is never good at creating innovation, the individual is not rewarded and thus everyone works to a lower level. I hope this is remembered when rising populism leads to politicians pushing socialism as the cure all to some of the misdeeds of capitalism.

I use DuckDuckGo for my search engine rather than Google. It's a win from a privacy perspective and, for the 0.5% or so of searches it can't deliver on, there is always Google. Just pointing out there is at least one viable search alternative to Google (at least for 99.5% of searches I carry out anyway).

A good interview of a person of interest, and done by a knowledgeable interviewer himself. I would say seperately that the comments section has been completely over run by ass kissing lately. Everyone in the audience doesn’t have to say best ever every interview. That’s what the thumbs up is for.

The portion of the interview where Druckenmiller brushed off economic malaise as a cause of populism is symptomatic of how difficult it is for economic elites to connect with the working class. The working class not only didn't share in the growth, they had respect and standard of living taken away by predatory trade practices of the Chinese. To equate their problems with the emotion of high performers versus low performers in his hedge fund is testimony to this blind spot. Loss or respect is far more important than envy of people like Bezos. I was just at a wedding where the best man recalled how much he revered his father as a kid; his father was a hard working carpenter. If the father had been chronically out of work in the formative years of his sons childhood, the relationship a father has with their children is damaged, causing long term psychological pain. This is what happened to many in the working class because we participated in unfair trade relationships, and now we're worried about China even more! A second example is their surety and arrogance as they argued equivalence of Sanders and Trump brands of populism. Working class people are not socialists. The forms of populism between these two is importantly different. Related to this, Kiril saying with certainty Sanders would have beaten Trump is consistent with elitism. It is reasonable to say that in retrospect, it would have been interested to see how the electorate would have decided between a socialist populist and a populist who rejects socialism. Kiril showed arogance similar to others blinded to forces before Trump got elected. Better to be more restrained on political predictions. The social standing of elitists is importantly connected to them being seen as belittling Trump. They can be very arrogant about the working class. These are pervasive elitist behaviors, not just with Druckenmiller and Sokoloff.

"The Arts...we love The Arts...but they seem to be extremely well-supported relative to the utility society gets out of 'em." Awesome.

When this trailer came out, I got some shit criticizing why Stan found healthcare performance so perplexing, which was largely contributed to the flattening curve up until equities broke in Oct (same goes for oil amazing late cycle performer). Now, here's a little more criticism, and its not an indignation of his record which is amazing. But, the correlation of RMB and gold (or copper for that matter) has much to do with collateral being called in then dumped in market. 95% of people think gold flows into China are to dethrone the dollar or something. Personally, I see it as a liquidity backstop to the MASSIVE shadow and non-shadow banking sector. Gonna need a whole lot of liquidity with banking assets to GDP of 320+%

Don't use Google! Try "Duck Duck Go"

Hate to pop your bubble Stan but the faith and belief that America is the good guy was lost a looooooooooog time ago. As far back as Bush 1 & 2. That's when we started to see the US as the world's bully and self-appointed police force. And you can hardly say that America has been restrained in it's use of sanctions and cutting people off from the SWIFT system. America's had it coming a long time.... The question, and only question, is who is really running and America and for whom?

Jeff Bezos' company would never have survived without the Fed. Amazon was a money-losing unicorn before we knew those were thing.

Sublime stuff

The sports and gambling analogies were perfect.

Really enjoyed the interview until they started talking about US politics, Bernie would have beat Trump by 18 points.......hahaha sounds like they are drinking some kind of koolaid up in NYC.

Amazing interview. Grateful! If RV can bring Paul Tudor Jones for an interview or masterclass this year then I'm getting another year of subscription and a few more referrals as a bonus right away. :)

Yet more bear food.

Lovely

Free Masons hand shake.

I don't think populism comes out of envy or even necessarily out of economic inequality -- Humans are hard wired to have a sense of fairness - the first thing a child will say is "that's not fair". The rage comes from a system where many in banking and politics became wealthy by being well connected and crooked. And these same people have created a society where they can commit hugely damaging economic crimes with impunity, and in which only children of the wealthy and well connected have the opportunity to become successful - the masses are put into a type of debt slavery feudal system, which is used as a way to control them and from which they can not escape. That's what I think people have a problem with and that is where I think the raise of populism and politicians like Trump come from --

Good interview - I like this Kiril guy.

Thank you for this great interview!!

Just great interview. Key points for me were: 1. The lack of a clear and reasonable hurdle rate for investments and its impact on economic value leading to capitalist distortions which in turn is driving the young back to (failed) socialistic theories. 2. The impending liquidity crunch and the impact of the thousands of zombie companies who will not be able to service their huge debts once internet rates reach that hurdle point (whatever it is but probably much less than 100 basis points away from here according to many experienced commentators) 3. The next financial crisis possibly (probably) being bigger than the last one. We just threw more debt at the problem that debt caused in the first place. Almost nothing has been solved. 4. The impact of the terrible wealth disparity and that the "natives" (average + reluctant voters) are getting very restless indeed. 5. The discussion on populism was HUGE. Its not about Trump folks, its about the swelling populist groundswell as large numbers of voters all over the world, coupled with the instantaneous internet communication, rebel against the elitist talking heads. Populism is GAINING ground and things are going to get worse. Imagine the next recession fellow RVT viewers???? SOARING deficits, collapsing zombie companies (e.g. Tesla), international tensions, collapsing emerging market economies, collapsing faith and confidence in governments, widespread pension fund (especially State) liquidations and on and on. We are undoubtedly approaching a generational crunch. The fallout will damage the Western nations psyche more than most today can imagine. Sometimes, reading history and being a pessimist, can set you up for survival. Just superb interview by Kiril who LISTENS, and allows the interviewee to talk. Very surprised at the down votes and a few of the negative comments below. We just got a real impart of knowledge and experience from a thoughtful and very humble Stan Druckenmiller. I am grateful.

What "monetary regime" is he referring to? Keynesian/Fed/QE thinking?

"The internet has been the greatest friend of the communist party" - yes, here in America too.

Fantastic!

Checked the chart and BRK was not down 40% from 1998 to 2008. It was down 40% peak to drought in 2008

Can someone explain to me what he means by South Africa/Brazil being a lottery ticket to him. I know many international traders have been buying South African bonds which yields 4.4% above inflation. But then he says your risk is much more than the carry? Also he's clearly bearish on emerging markets and says they were the most egregious recipients of free money and that political policy ran a mock. Is he short South African equities or doing a carry trade with SA bonds?

This is worth multiples of yearly real vision subscription. Such amazing content and great interview. Thanks so much once in a lifetime to spectate this genius. Real vision, please continue more on position sizing, investment thesis framework with specific examples, position timing and trade management from successful managers. Look at what makes this interview stand out and replicate in other content! Great job!

Fantastic! Can you please get Fiona Drunkenmiller on for an interview? :) What a facinating family, and great minds!

So how does a 27 year old in finance make 2 million a year as SD mentioned? I just do not really see it happening anywhere.

This is an amazing interview! Would love to hear more about how he evaluates the Chinese internets, and how he thinks about an exit strategy for these names. And also how to structure trades based on this higher rate regime. Thanks RV!

Best RV interview ever ! Would have loved to listen to their views on the creditor vs debtor endgame.

excellent interview

This was really cool. Thanks RV!~

Absolutely fascinating.

I signed up for RV just because of the SD interview. I am a bit younger than Stan, but it makes me feel good that even the smartest investors are a bit confused by the mixed messages the market is sending in 2018. The Fed's QE has pushed so much liquidity into the system true price discovery has taken a break for the past 7 or 8 years. As the Fed raises rates, we will see who is swimming naked. My swimsuit is on and I appreciate the service for Real Vision.

I signed up for RV just because of the SD interview. I am a bit younger than Stan, but it makes me feel good that even the smartest investors are a bit confused by the mixed messages the market is sending in 2018. The Fed's QE has pushed so much liquidity into the system true price discovery has taken a break for the past 7 or 8 years. As the Fed raises rates, we will see who is swimming naked. My swimsuit is on and I appreciate the service for Real Vision.

Loved it. The questions were amazing, the answers were incredible and the discussion was an incredible experience. Excited for the next guest in this series.

Really amazing! Any chance for an interview with David Tepper?

This is without doubt, so far, by far, the best RV video I have watched! Thank you for your service!

Amazing guy with an amazing career and track record. But the most amazing thing is his humility. This confirms my theory that actually the more successful people are the more humble and self reflective they are. Well done guys for brining real business hero’s to the market. It’s a nice change from the standard reporting style of usual Financial media

thx RV

I know he is super secretive and private, but would be great if you could persuade Seth Klarman to do an interview.

any chance for an interview with Greg Coffey???

Loved the interview. Druckenmiller provided great wisdom. But sorry. He gave no evidence that his success wasn't just due to a string of luck. I like Stan and his insights. But I'd bet anything that he doesn't beat the market during the next decade. In fact I have advice for him: take your chips off the table Stan. Today's markets are managed by the invisible fingers of government. Even your "advisor" Warsh won't be able to game the terrified academics when they panic. Now is the time to take up chess.

A couple of REAL professionals discussing the world as it really is,if there was an an agenda,political bias or lack of objectivity I didn't detect it. What a refreshing change to what has become all to familiar with the mainstream business media. Thank you Mr. Sokoloff Mr. Drunkenmiller and REALVISION!

peak to trough

Well, that's something you don't see every day - KS and SD chatting it up for over an hour. Kudos, RV. Google is a trojan horse whose AI and surveillance will destroy humanity if left unchecked. But hey, selling nooses and all that...

Just fabulous! I appreciate his relative humility. The great ones all have it. They also live way below their means and always have. And give back. And that your word is your bond. Traits of success and longevity in this business.

I admit, I asked for the interview as well and reading the comment section beforehand (and seeing the down votes) I feared a bit given I carried high expectations. But, I thought that I learned tremendously much. not about the next trade but about the framework surrounding investing. I feared that Mr. Druckenmiller would be more reserved in sharing his wisdom but was pleasantly surprised how generous he was in revealing his views. I took more away than I thought I would in first place. Well done and as well a big thank you to Mr Sokoloff for guiding this interview very well. I will settle it for a couple of days and then rewatch it, so much more to get out.

Great job by the RV team - Kiril was an excellent interviewer, and Stan really nailed some critical points that hit home, especially around framework and balance of life.

I love how he considers art in terms of its utility to society...

For the 130 who didn’t like the interview, sorry there is no secret , just knowledge ( ex. this interview..) , patience and boldness when all the odds are in your favor.

...for sure.

Thoroughly enjoyed this one. The humility of both Kiril and Stan Druckenmiller is striking. Two legends - what a fantastic interview. Kiril is also clearly a master interviewer. On a par with Grant fo

Curious they never talked about the trade deals which outsource jobs to Asia. This, plus the asset inflation from the central bank, is the real wealth disparity, a fertile soil for populism. Trump might be self-serving in demanding a low interest rate to get reelected, but the idea that these free trade deals bring in billions of labor to compete with American workers is not incorrect either.

Well done RV team! I thoroughly enjoyed it.

would love to hear the thoughts and reasoning of those behind the down thumbs

Thank you for this

One of the best interviews at RV (I know this has been said before). The best part was that Mr Sokoloff is the best person to have conducted this interview. The only small way this could have been improved was an even greater focus on methodology and approach, but a really informative piece anyway.

As good as it gets! Kiril, thanks so much. Not sure I have ever got to hear Druckenmiller in such depth.

What an incredible opportunity to hear from one of the greatest investment minds of the century. All this success and a modest non chest thumping demeanour. Inspiring. I am somewhat baffled by the thumbs down score and wonder if people that score like that manage much money? Great job RVTV! Where else could I watch an interview like this?

I'm at a loss to understand ..every single grandiose major emergency issue mentioned was caused way before Trump .. The more I listened .. the more I realized the supposed smartest guys are pretty out of focus perspective wise. In one breath Central Banks caused huge wealth disparity..in the next ..but not us..and Jeff Bezos ..deserves every penny. I know Im alone in this pov ..and these guys are supposedly special for professional investors but a look in the mirror ..might be appropriate. Nobody knows what would have happened without Bernanke and Paulsen but you can be sure ..if allowed to crash it would have touched alot of these wealthy guys..hard. Id just like to hear them say once.. without the Thanks Hank and Ben safety net we as a species (professional hedgefund investors) there would be half of the number of us there are now ..half as wealthy and not doing interviews. 90% of thse guys didnt walk on water during LEH and BS PS I like thse guys very much.. but that doesnt mean the perspective isnt off

Soros is a disruptive guy and banned in several countries, so I'm told. Rodgers left him too. Trump is the symptom not the cause. I think Trump stated he wished there were NO trade barriers, just have free trade, but that's not the deal he's inherited. The Art of The Deal is ask or demand everything to bring the other party to the table and negotiate a better deal. Talking politics about the current administration when this whole interview is how hard it is to operate in the rapidly changing economy, was not caused by Trump, but by the previous administrations. I agree with several comments to please give us actionable ideas, not so much history while stating he doesn't know how to navigate today's world. I really like KIril Sokoloff and his ability to allow the guest to speak without interruption---really professional in all regards. Mr. Druckenmiller is obviously an amazing individual we can learn from, so teach us and be our mentor. Thank you.

This one interview worth the annual subscription price !! Rationality in the world of artificial pricing.

Ray Dalio next?

It was ok. A few insights but he was clever in not really giving a lot away. He does big macro, uses technicals and sector rotation. Nothing ground breaking. Just because he doesn’t give interviews that often too many have been a little ecstatic and sycophantic. Nice chap. But guarded. There have been much better interviews on RVTV for those hoping to emulate these people. From such a large sample pool there will always be a few random, lucky boats that float to the top.

"And for all the hoopla around Mr. Buffett, from '98 to 2008-- that's a 10 year period-- Berkshire Hathaway was down 40%. Nobody talks about that. If you had a hedge fund, you couldn't have a hedge fund down for 10 years, 40%. They would have gone out of business in year 3, 4, somewhere in there." ...que? i do not see that in the Berkshire chart, even using a 1998 top and 2009 bottom. all thoughts welcomed, please

Thank you!

Next: George Soros, Bruce Kovner, Michael Marcus, Ed Seykota, Steve Cohen, Zach Schrieber, Rajesh Jhunjhunwala. All to be interviewed either by Kiril or by Raoul. That’s a request!

Watching this video fourth time this weekend. Not only some amazing wisdom from both, but man, what an amazing grace from both of these gentlemen! Thank you!

Druckenmiller admits that the financial markets have attracted some of the best young minds. These same minds will be contributors to the next financial collapse. Hopefully, the best young minds in the future will pursue medicine, science and engineering.

What a humble and fabulous human being. He sets a very high bar for the rest of us. Many thanks.

After watching, went back through my notes of various RVTV talks. Of the many speakers where I have written notes (then typed up; yes, a little anal retentive), the interview of Kiril S. spans six pages of notes. What a beautiful human being. And, he followed his own advice here about looking one another in the eye and listening to what they have to say. Kiril said in his interview, "if you say it, I believe you". This honesty, sincerity and love for others - along with a clearly brilliant mind - is what sets him (and other interviewors/ees - and the RVTV service - apart. Interviewees are sincere about what they do and in what they believe and, whether we agree with them or not, this just elevates the quality of the dialogue. I would love to meet Kiril and see more of him on RVTV. The quality of people and of your service just gets better and better.

Absolutely brilliant my knowledge keeps expanding

WOW!

Wonderful to see he recognizes the importance of staying grounded with appropriate personal values and humility, despite his wealth Also Kudos to him and his wife for supporting research into Alzheimers and other neurological diseases. Money well spent. As he told you, you may not know the devastation these diseases cause until you see them up close and personal. Thanks for your insight into life and the financial markets.

wow... what an amazing conversation, thanks a lot!

Perhaps the greatest asset to Real Vision: Kiril Sokoloff

In Napolean Hill's 1937 classic, "Think And Grow Rich", he writes, "where two minds are put together a third mind is created". This interview combines two wise minds and creates a third. Just fascinating to be a fly on the wall when wisdom and experience comes into contact with wisdom and experience. If either had been interviewed on a news network, we'd waste half the interview listening to the interviewer. Kiril knows just what to ask and then sits and listens. Great lesson is patient investing.

What can I say about the interview that has not already been said.... very well done RV. A unexpected smile from Stan and curious exchange (glances) when the Yen was brought up.

What's up with the color? Don't trust people who dye their hair. Do they or was it your neuvo approach to video. Bright blue suits are a tell also. People with the types of reputations of these two should be presented in a more classic video presentation. Could not look at this just listened and so not able to get full measure of these men.

There are 11 people who did not like this interview. Wow. Really?

Amazing guys!

Great interview. So much learning from this one. We need more of these interviews please. Thank you RV!

Greatest interview in Real Vision history? Without a doubt. I believe it also has the most thumbs up for a Real Vision Interview. Amazing.

Congrats. You've set a new standard with this interview!

Nice interview, been a long time since the last one! The only thing to be learned is that he admits to not comprehend the insanity in the markets today. Regarding the discussion on wealth disparity being the cause of populism, I think they conveniently forgot they are part of the cause!!!

Great piece. He commented about how difficult the environment has been for his investment style. Can you interview others that have found the market difficult and are traditional investors e.g. einhorn, klarman (value investors) or equity long short that have had a tough patch (not crypto guys etc. ). Just suggestions. Keep up the great work

Great piece. He commented about how difficult the environment has been for his investment style. Can you interview others that have found the market difficult and are traditional investors e.g. einhorn, klarman (value investors) or equity long short that have had a tough patch (not crypto guys etc. ). Just suggestions. Keep up the great work

Just another top class video! Just when I thought it couldn't get any better after seeing Grant with Ross Beaty last week, up comes Kiril with Stan! So very instructive to listen and learn about investing and life from such legends. Thank you RVTV.

Insitful. I do not know what the 40 viewers who said thumbs down were watching. Perhaps they dud not like the comments around trump. I very much enjoyed the interview. Well done Glenn

Drunkenmiller had a great track record against the living since he was gifted to understand human market trends. He also had the insight to understand that he no longer has an edge against machine trading, which makes up most of the daily volume. He then extends this thought: What if he can learn what machines are "thinking"; would that give him back a trading advantage? He then made a statement that man with machine help may be smarter than machines alone! Brilliant!! He now has a spy in the enemy's camp. I have to reread the "Art of War", I think that this must be in there somewhere.

I personally think this interview coalesces very well with the Grant interviews. That publication is now essential reading, and I hope Grant resumes his series when credit blows up. Very nice job Realvision.

Mainstream media coverage of central banking has been grossly negligent. People do not understand what has happened and are unprepared for the consequences. Maybe this is why Druckenmiller chose to speak out.

This is an historic interview.

Two brilliant minds... Well done Raoul... This is why we subscribe...

People need to think about the key things he talked about: 1) Know when to add to winners and reduce positions when you're down. 2) Know when you're hot and cold, but equally, some positions just feel right and you have to trust yourself 3) The market usually gives you signals about the business cycle and the economy as a whole (if if they're being distorted now) 4) Liquidity trumps all 5) As a trader, you want growth and momentum, value is great for investors with a longer time horizon 6) Learn about the market participants, including those with a completely different style from yourself (Algos) 7) You don't just have to do it yourself, you can also use other people and funds to express positions/ make money And obviously many more

Excellent interview. Assume the down votes are due to politics and not the investment advice shared. The coversation about algos was interesting. Stanley is in a minority of successful investors that see a possible "bad" downturn in the future due to the high levels of global debt.

Just Fantastic. I especially liked the discussion about the Algos. I have often wondered of the evolution of markets over the last 15 years between being dominated by carbon based investment decisions versus the silicon based machine trading of today. This is first time I have ever heard it articulated by a money manager. Only on Real Vision. I also agree with Stanley, the Fed is going to keep going until something breaks. My question is, where is the strike price? Given the runoff of the Fed's portfolio I think we find out soon. I would like to hear from two market letter writers Burt Dohmen and Jim Dines.

Spot on! Thanks👍

Superb.

Thank you Real Vison, Kiril and of course Stan! I too try and watch and read everything that Stan has said or written, but this interview really helped fill the gaps in his thinking. I was really encouraged to know that he has also struggled over the last few years with the current environment. I'm really looking forward to future interviews with other legendary investors. Thanks for helping make us better investors and stewards of the resources we've been entrusted with! DMS

Just brilliant!!!!! Thoroughly enjoyed it!!!!!!!!!!!!!! Thanks RV!!!

I would like to know if Druckenmiller thinks that monetary system is now so discredited, and the stock markets are so discredited by the algos, that actually space has been created for the emergence of a new form of markets. It's like Trump. It's not realistic to think things are going back to the way they were before. Something new is going to emerge and it's important that people acknowledge this to allow positive rather than negative evolution. It's refreshing to see such an honest and blunt take on the central banks, for example.

Raoul, best interview yet. Realvision is the gift that keeps on giving

Excellent! Thank you!

Seems like a good man. It is nice to see such an important man as a down to earth, thoughtful, good man.

Idiot savants and their lefty wives......

How bout getting an interview with Paul Tudor Jones!

Fantastic! I just kept nodding my head in constant agreement throughout this entire interview. In my own thinking and the way I view things I share so so much in common with the way Stanley thinks, the way he operates, the way he addresses issues, and what he believes in. Its almost like meeting myself - but without his successful track record! And that's not meant to be in a boastful way, it's a testament to how much I have progressed personally and how much I've learned myself over the past 5 years, and much, it not most, of that has been through RV content. Ray Dalio next please! :-)

Wow! Two very smart dignified gentlemen having a very insightful conversation. Thank you, thank you.

Great work Realvision, please see if we can have SEC and central bankers not just from US but also from other important economic areas could participate on this great knowledge sharing.

Legendary.

Mere thanks can't adequately express my gratitude to Messrs. Druckenmiller and Sokoloff who generously gave up hours of their time to pass on their insight, experience and wisdom. As phenomenal as Mr. Druckenmiller's record has been it pales in comparison to the 'returns' I have enjoyed as a Founder Member in Real Vision. Thank you to Raoul, Grant and the rest of the team; without exception this has been the best investment I have ever made.

Fantastic interview! Thanks!

A thousand thanks. It was a pleasure to watch. I will watch it again and again trying to incorporate the wisdom and class of these two extraordinary men. I have it on my calendar to watch once a quarter. DLS

Amazing interview! Thanks RV - your subscription offers all an opportunity to “buy” insights from some of the world’s most outstanding money managers. Priceless.