The Kiril Sokoloff Interviews – Stanley F. Druckenmiller

Published on
28 September, 2018
Topic
Career, Monetary policy, Macro
Duration
85 minutes
Asset class
Bonds/Rates/Credit

The Kiril Sokoloff Interviews – Stanley F. Druckenmiller

Featuring Stanley F. Druckenmiller

Investment visionary Kiril Sokoloff is embarking on a series of exceptional interviews from his personal contacts for Real Vision. In the second episode of his series, he sits down with a revered titan of the investment world: Stanley Druckenmiller. Druckenmiller has an unrivaled track record that spans many decades. But what might be most incredible is that even whilst becoming one of the world’s most successful money managers, Druckenmiller has also managed to maintain an incredibly balanced and happy life. This interview provides a unique opportunity to learn the previously unheard secrets of an investment legend. Filmed on September 6, 2018 in New York.

Kiril Sokoloff is the chairman & founder of 13D Global Strategy & Research. To find out more about 13D Publications, visit 13D.com/RVSD.

Published on
28 September, 2018
Topic
Career, Monetary policy, Macro
Duration
85 minutes
Asset class
Bonds/Rates/Credit
Rating
182
Sharing

Comments

  • JD

    Jonathan D.

    5 12 2018 19:26

    0       0

    Yet more bear food.

  • AI

    Ataraxy I.

    30 11 2018 21:35

    1       0

    Lovely

  • MS

    Matt S.

    18 11 2018 12:33

    0       0

    Good interview - I like this Kiril guy.

  • MS

    Matt S.

    18 11 2018 12:17

    0       0

    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?

  • RS

    Richard S.

    18 11 2018 10:16

    0       0

    Thank you for this great interview!!

  • MS

    Matt S.

    17 11 2018 10:56

    3       0

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

  • MS

    Matt S.

    17 11 2018 10:44

    0       0

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

  • MS

    Matt S.

    17 11 2018 10:31

    0       0

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

  • CL

    Chris L.

    4 11 2018 04:41

    3       0

    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+%

  • JL

    James L.

    29 10 2018 21:48

    0       0

    Fantastic!

  • MP

    Matthew P.

    24 10 2018 09:33

    4       0

    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!

  • AM

    Alexander M.

    21 10 2018 18:55

    2       4

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

  • JW

    John W.

    17 10 2018 01:35

    0       0

    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!

  • LH

    Luke H.

    17 10 2018 00:07

    0       0

    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.

  • FG

    Flavio G.

    16 10 2018 20:28

    1       0

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

  • JO

    James O.

    14 10 2018 16:14

    9       2

    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.

  • DM

    Daniel M.

    11 10 2018 17:01

    0       1

    excellent interview

  • KN

    Keifer N.

    11 10 2018 09:54

    0       0

    This was really cool. Thanks RV!~

  • SM

    Sayit M.

    8 10 2018 20:05

    1       0

    Absolutely fascinating.

  • TM

    Timothy M.

    7 10 2018 18:14

    0       0

    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.

  • TM

    Timothy M.

    7 10 2018 18:14

    0       0

    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.

  • AV

    Ameya V.

    7 10 2018 17:19

    0       0

    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.

  • TJ

    THIAGO J.

    6 10 2018 16:35

    1       0

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

  • JM

    Jude M.

    6 10 2018 07:34

    5       1

    This is without doubt, so far, by far, the best RV video I have watched!

    Thank you for your service!

  • MR

    Matt R.

    6 10 2018 02:23

    9       0

    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

  • WB

    William B.

    6 10 2018 00:40

    6       1

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

    Awesome.

  • AF

    Andrew F.

    5 10 2018 17:53

    0       0

    thx RV

  • IL

    Ian L.

    5 10 2018 13:51

    11       0

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

  • CN

    Christiaan N.

    4 10 2018 07:29

    0       0

    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?

  • F

    Floyd .

    3 10 2018 23:45

    7       1

    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!

  • JC

    John C.

    3 10 2018 20:43

    1       0

    peak to trough

  • JC

    John C.

    3 10 2018 20:26

    3       1

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

  • DR

    David R.

    3 10 2018 19:38

    3       0

    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.

  • RD

    Ravi D.

    3 10 2018 18:25

    3       0

    any chance for an interview with Greg Coffey???

  • TS

    Thomas S.

    3 10 2018 16:06

    4       1

    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...

  • TO

    Thomas O.

    3 10 2018 15:52

    4       1

    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.

  • MB

    Matthias B.

    3 10 2018 15:01

    5       0

    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.

  • ZW

    Zachary W.

    3 10 2018 06:45

    3       0

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

  • SD

    Stephen D.

    3 10 2018 05:06

    9       1

    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!

  • cg

    christian g.

    3 10 2018 04:31

    4       0

    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.

  • JH

    Jesse H.

    2 10 2018 22:35

    0       0

    ...for sure.

  • JH

    Jesse H.

    2 10 2018 22:35

    3       1

    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

  • BL

    Bo L.

    2 10 2018 19:50

    2       0

    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.

  • JH

    James H.

    2 10 2018 18:57

    1       0

    Well done RV team! I thoroughly enjoyed it.

  • NA

    N A.

    2 10 2018 08:40

    1       0

    Thank you for this

  • CF

    Cause F.

    2 10 2018 06:32

    2       0

    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.

  • JC

    James C.

    2 10 2018 06:08

    2       0

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

  • RK

    Robert K.

    2 10 2018 05:40

    5       0

    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?

  • cb

    christian b.

    2 10 2018 05:00

    14       2

    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

  • RS

    Richard S.

    1 10 2018 22:43

    2       0

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

  • AF

    Aidan F.

    1 10 2018 21:06

    5       0

    Ray Dalio next?

  • DC

    Dan C.

    1 10 2018 20:54

    22       1

    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.

  • ED

    Eric D.

    1 10 2018 18:58

    7       0

    "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

  • AS

    Anton S.

    1 10 2018 18:25

    1       0

    Thank you!

  • RM

    Russell M.

    1 10 2018 01:53

    24       10

    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.

  • CT

    Christopher T.

    1 10 2018 00:53

    5       1

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

  • FC

    Fractal C.

    1 10 2018 00:05

    7       0

    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!

  • TM

    The-First-James M.

    30 9 2018 23:09

    15       0

    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).

  • RV

    Richard V.

    30 9 2018 22:25

    10       1

    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.

  • je

    james e.

    30 9 2018 21:23

    15       0

    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.

  • PW

    Phil W.

    30 9 2018 20:53

    1       0

    Absolutely brilliant my knowledge keeps expanding

  • GT

    Garry T.

    30 9 2018 18:26

    3       0

    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.

  • AH

    Alex H.

    30 9 2018 17:45

    1       0

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

  • je

    james e.

    30 9 2018 16:57

    3       0

    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.

  • WM

    Will M.

    30 9 2018 15:34

    14       0

    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.

  • JC

    JAMES C.

    30 9 2018 14:56

    1       0

    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.

  • SB

    Stewart B.

    30 9 2018 13:13

    3       0

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

    Many thanks.

  • wd

    wouter d.

    30 9 2018 11:05

    1       0

    Amazing guys!

  • KM

    Kacem M.

    30 9 2018 09:33

    2       0

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

  • SS

    Steve S.

    30 9 2018 09:15

    3       0

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

    Amazing.

  • PC

    Peter C.

    30 9 2018 07:24

    2       0

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

  • JP

    Justin P.

    30 9 2018 03:52

    4       1

    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

  • JP

    Justin P.

    30 9 2018 03:52

    2       0

    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

  • RO

    Robert O.

    30 9 2018 03:37

    2       0

    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.

  • JM

    John M.

    30 9 2018 03:33

    13       0

    Perhaps the greatest asset to Real Vision: Kiril Sokoloff

  • SD

    S D.

    30 9 2018 01:47

    4       0

    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.

  • SD

    S D.

    30 9 2018 01:44

    2       0

    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.

  • SD

    S D.

    30 9 2018 01:37

    6       1

    This is an historic interview.

  • PD

    Peter D.

    30 9 2018 00:58

    3       14

    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.

  • JD

    John D.

    30 9 2018 00:57

    8       0

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

  • CM

    C M.

    29 9 2018 23:27

    2       0

    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.

  • PG

    Paco G.

    29 9 2018 22:11

    5       0

    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.

  • JM

    Joakim M.

    29 9 2018 21:32

    1       0

    Spot on! Thanks👍

  • TB

    Tad B.

    29 9 2018 18:50

    1       0

    Superb.

  • CD

    Cheryl D.

    29 9 2018 18:22

    2       0

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

  • SD

    S D.

    29 9 2018 17:58

    4       0

    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.

  • DV

    Dimitri V.

    29 9 2018 17:47

    1       0

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

  • RM

    R M.

    29 9 2018 17:45

    1       0

    Excellent! Thank you!

  • Sv

    Sid v.

    29 9 2018 17:18

    2       0

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

  • dm

    dan m.

    29 9 2018 16:58

    2       21

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

  • RK

    Richard K.

    29 9 2018 16:18

    27       0

    How bout getting an interview with Paul Tudor Jones!

  • VK

    Viresh K.

    29 9 2018 16:08

    20       0

    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

  • SS

    Sam S.

    29 9 2018 14:48

    8       3

    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.

  • cp

    claude-vincent p.

    29 9 2018 14:13

    2       2

    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!!!

  • DD

    Daniel D.

    29 9 2018 13:39

    2       0

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

  • FC

    Fractal C.

    29 9 2018 13:01

    7       0

    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!

  • us

    ujjwal s.

    29 9 2018 12:45

    2       0

    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.

  • SS

    Sean S.

    29 9 2018 12:43

    1       0

    Legendary.

  • KS

    Kathleen S.

    29 9 2018 12:08

    12       0

    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.

  • SR

    Steve R.

    29 9 2018 08:39

    5       0

    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! :-)

  • SH

    Stefan H.

    29 9 2018 06:14

    1       0

    Fantastic interview! Thanks!

  • WG

    Wayne G.

    29 9 2018 04:34

    35       0

    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.

  • BT

    Brian T.

    29 9 2018 04:25

    5       0

    Amazing interview!

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

  • DR

    Dick R.

    29 9 2018 04:13

    1       0

    Very satisfying interview, as Druckenmiller seems to have expanded as a person along the way, while so many seem to shrink down to spider status with their gains......As long as everybody screams and wets themselves every time the rank and file gets a raise (and that includes the Fed), our society will be at risk.....At some point, the benefits of capitalism have to be shared with the people on the factory floor. If we regard that as a loathsome fungus, going long Marie Antoinette will be a hazardous trade......As for Social Security, Scrap the Cap and the problem goes away in a day. But nobody seems to want to talk about that.

  • JN

    Jill N.

    29 9 2018 03:56

    3       0

    Superb, wise dialogue & insights between 2 legends, Bravo 👏👏 thanks to Stan & Fiona too for their generous philanthropy into Alzheimer’s research & search for cures, Australia also leading the way with research & trials in this debilitating & dastardly disease by looking at blocking & reducing cortisol to the brain.

  • SB

    Stuart B.

    29 9 2018 03:49

    2       0

    Amazing

  • DS

    David S.

    29 9 2018 03:25

    6       0

    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

  • GO

    Glenn O.

    29 9 2018 03:24

    1       0

    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

  • LT

    Lucas T.

    29 9 2018 03:08

    7       0

    I like that Stan can actually speak in a way that is understandable. Some of these guys who are great managers just kind of struggle when they try and explain what they are doing. Stan was articulate.

  • JS

    Jon S.

    29 9 2018 02:36

    5       0

    I aspire to be like the affable Mr. Kiril Sokoloff.

  • AG

    Abhimanyu G.

    29 9 2018 02:14

    9       0

    Don't get me wrong, I absolutely love Jim Grant, but for this particular interview I'm grateful Kiril was the interviewee. I enjoyed every minute of this, thank you RV

  • AG

    Adam G.

    29 9 2018 01:50

    3       0

    Hi,
    A very interesting and insightful interview on both sides. I don’t know and I’m not concerned if it was the ‘biggest’ or ‘best’, I’ve had the pleasure of viewing many great interviews on RV since its inception… it has proved to be what it was promised to be …. Bravo Zulu!
    Mr Drunckenmiller trades the way he trades (very successfully) and he does admit he has a gift, whether that gift is a function of the way he lives, who knows. I have my own way of doing things, sometimes successful – sometimes not. We all have our own life challenges. Certainly, his methods and thesis development are very interesting but I’m not him.
    The comment that really stood out for me was about ‘envy’ and how it can drive people. I guess and good example is the froth in a bubble when people are very envious of their neighbors getting a windfall and they want it too…. Maybe a little geed thrown in.
    Mr Drunckenmiller appears to enjoy what he does and apparently does it well. I wish him the best and in my own way I try and emulate that way of life.
    Thank you Mr Drunckenmiller and Mr Sokoloff for sharing in a positive way and thanks to RV for making it possible for an old guy out in Canada’s hinterland to enjoy such an event.

  • VM

    Vincent M.

    29 9 2018 01:21

    3       0

    So many of your in-depth interviews seem to be with humble successful people who show a willingness to share their simple but timeless wisdom. This interview along with others are why I am so glad that I have been a member of this community. Druckenmillers thoughts on how he invests and his current Macro view were insightful to say the least. One of your best.

  • FM

    Faris M.

    29 9 2018 00:48

    3       0

    Personally the best message I could receive from the most humble and experienced messenger. I’ve just listened to it and am immediately listening to it again. To everyone at RealVision I cannot acknowledge nor communicate enough how you have improved my personal and professional life. You have provided the tools and knowledge to everyday people who would normally not have access to them to safeguard and determine their own financial security. Thank you.

  • KB

    Kirk B.

    29 9 2018 00:41

    2       0

    Many of the commentators correctly used the same word to describe this interview: brilliant. Awesome interviewer; incredible interviewee.

  • RS

    Riley S.

    29 9 2018 00:08

    1       0

    Incredible

  • BS

    Bill S.

    28 9 2018 22:50

    2       0

    wow, landed the big Kahuna

  • JC

    Jonathan C.

    28 9 2018 22:19

    6       0

    Such a great interview. Each man as interesting to listen to as the other. Pure class

  • NH

    Neil H.

    28 9 2018 20:37

    8       0

    I am constantly googling Stan Druckenmiller to get his insights, as he is truly one of the great minds of our time. Thank you for bringing him to the real vision viewers. I also cannot get enough of Kiril, keep bringing him back.

  • PB

    Pieter B.

    28 9 2018 20:07

    5       0

    This was sublime, great fun and very informative! Thank you massively RealVision, Kiril and of course Stan!

  • FA

    Frank A.

    28 9 2018 19:44

    1       0

    Good read. Don't agree with everything especially trade

  • AN

    Aron N.

    28 9 2018 19:26

    2       0

    Holy crap, the GOAT on RV!

  • JM

    Justin M.

    28 9 2018 19:16

    4       0

    By far the best finance interview I have ever seen anywhere. Kiril and Druckenmiller are both absolutely brilliant. Thank you for sharing.

  • jd

    james d.

    28 9 2018 19:06

    1       51

    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.

  • DS

    David S.

    28 9 2018 19:06

    3       2

    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

  • pb

    phillip b.

    28 9 2018 18:57

    2       0

    Wow! Honest and real. Great content.

  • MM

    Matthew M.

    28 9 2018 18:11

    8       1

    It amazes me that some viewers hit the "thumbs down" button. Great interview RV!

  • RA

    Robert A.

    28 9 2018 18:04

    6       0

    I’ve been with RV since early on and have watched almost every presentation. I have my favorites, but IMO this is the best one to date. I think Kiril is an excellent interviewer and his skills appear to be improving, if that is possible. I’m not sure everyone realizes what a “heavy weight” Kiril is in his own right and that may be why Stan would even consider sitting down with him. For me....I’d love to see a 30 minute interview with his wife if only to flesh out some of her views on Parenting and her Stem cell research knowledge.

  • TJ

    Terry J.

    28 9 2018 18:03

    6       0

    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.

  • MF

    M F.

    28 9 2018 18:00

    11       0

    Tremendous interview. A major coup to get an otherwise private, reserved, and ultimately humble titan in our industry to speak for such a long time in an open manner. Well done RV. In the spirit of constructive (not critical) commentary, however, given the audience of RV, it seemed like there was some missed opportunities. The man is a pure legend in his personal and professional life, but more of the time may have been best suited towards his techniques, process, and macro views. Namely, he takes big bets but is risk adverse, so what kind of draw downs are acceptable before calling it a day or adding when things going against you. By taking few but massive bets you are taking far more risk ex ante so how to deal with that contradiction if you don't want to loose money and always have up quarters/years. Equally, what are the main factors in trade identification, sizing, trailing stops other than liquidity and charts. Lastly, we are in among the more macro markets now, so further commentary on his views on the US dollar, China (and its debt and currency and trajectory thereof), commodities, etc. While an outstanding interview--really among the best for scarcity, gravitas, humility, and broad concepts--for next time perhaps more of the time spent on a bit more of specifics for process and macro bets. Felt like I had dinner with a marvelous host, but needed it to be longer, or more focused. Next time. Thanks again RV!

  • LK

    Lyle K.

    28 9 2018 17:34

    2       0

    Supernatural returns by Stan Druckenmilller
    Truly a gift from RV
    Thanks

  • SH

    Steve H.

    28 9 2018 17:32

    3       3

    Superb guest, superb interviewer. Pity they're not running the country.

    Only one very minor quibble: Mr. Druckenmiller might be a tad optimistic in thinking America's foreign relations can withstand four years of Trump and then - if given the chance - reset back to normal. Once bitten, twice shy and all that.

  • FH

    Franz-Xaver H.

    28 9 2018 17:12

    2       0

    Very interesting and helpful, thanks!

  • GH

    Gary H.

    28 9 2018 17:08

    6       0

    Outstanding. The wisdom here is worth twice what I paid for a subscription

  • JM

    John M.

    28 9 2018 17:05

    15       0

    I really liked that Kiril didn't dominate the conversation. He's very relaxed with his interviewing skills and when you're trying to learn from a master its important to ask the right questions and have a knowledge of the subject, plus getting Stan to really open up is paramount to us all learning..

    Brilliant interview. Thank you RV..

    JM

  • TH

    Truman H.

    28 9 2018 16:49

    6       0

    Brilliant guest, brilliant interviewer. Since Druckenmiller likes baseball analogies, RealVision hits it out of the park. Justification for my entire subscription in a single event. I listened to the whole thing twice.

  • VS

    Victor S.

    28 9 2018 16:24

    3       0

    Very good interview. 2 cents Stan you ,may wish to study the current rules on commercial banks ...they will cause bonds to be bought on any decline.

  • TK

    Tim K.

    28 9 2018 16:16

    4       0

    This is outstanding!

  • wb

    willem b.

    28 9 2018 16:09

    3       0

    Good stuff!
    Thanks RV and mr Sokoloff.

  • dm

    dan m.

    28 9 2018 15:52

    5       7

    People dont resent Bezos' billions....he enriched everyone's life. Its funny how the guys that decry income inequality are the problem....guys that got rich off their connections with the deep state bureaucrats that run the central banks....I would make big bets too if my fat friend from college joined the Fed Board.

  • TR

    Todd R.

    28 9 2018 15:46

    7       0

    that was the fastest 84 minutes ever. i wish it was twice as long.

  • FC

    Fractal C.

    28 9 2018 15:02

    4       0

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

  • RP

    Roberto P.

    28 9 2018 14:52

    1       0

    Just Amazing !!

  • RP

    Raoul P.

    28 9 2018 14:37

    19       0

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

  • TA

    Tommaso A.

    28 9 2018 14:25

    1       0

    market wizard !!

  • GB

    Gerardo B.

    28 9 2018 14:21

    3       1

    Free Masons hand shake.

  • F

    Frederick .

    28 9 2018 14:15

    1       0

    Just brilliant, need to watch this a few times and spend time digesting and contemplating all the great points that are raised in this interview.

  • CM

    Carlos M.

    28 9 2018 13:58

    3       9

    completely agree biggest risk trump poses is America's hegemony in the global stage is being disrupted, the rest of the world will start to seek leadership in the east. So obvious and a thing most Trump supporters are oblivous about specially when they get behind the world has been ripping us off on trade bandwagon.

  • JL

    Johnny L.

    28 9 2018 13:53

    1       0

    This conversation is amazing. Thanks for this honest discussion. May FinTV find it in their character soon to broadcast something even close to this.

  • V!

    Volatimothy !.

    28 9 2018 13:53

    5       0

    Definitely worth the wait. The pace of the interview was exceptional. Easy to digest, great job Kiril. I strongly agree with Stan's take on self awareness, I've tried this myself recently and it's like a different realm of consciousness. A very humbling one. Imagine how different chess would be if you were the king on the board applying a strategy with people in front of you. I feel that a lot of the distortions from algorithmic trading come from sector rotation and seasonality shifts. To me, they wouldn't put too complex of a system out there without testing the waters. Back testing would seem to be limited in time frame, because a multitude of environments would require a more complex system. With all that it seems a high reliance on simple measures would easily distort prices.

  • HM

    Hugh M.

    28 9 2018 13:30

    4       0

    Incredible even by Real Vision standards.

  • KR

    Kristopher R.

    28 9 2018 13:22

    2       0

    Legendary

  • NG

    Nick G.

    28 9 2018 12:55

    3       5

    I would have happily paid $100k to be in the room.

  • PS

    Patrick S.

    28 9 2018 12:46

    2       0

    Quasi related but - He likes Chinese internet and commented how algos suppress movement before trend changes. I wonder if he likes uranium then with China investing heavily In nuclear? Cameco/CCJ recently visited China too as a growth engine with 60+ new either planned or under construction reactors. It would play along his 1st inning analogy.

  • BV

    Brad V.

    28 9 2018 12:45

    4       0

    Thank you Mr Sokoloff for a great interview and thank you Mr Druckenmiller for the honest insight. I love your work RV

  • AR

    Abishek R.

    28 9 2018 11:58

    2       8

    George Soros

  • MT

    Michael T.

    28 9 2018 11:46

    13       0

    The right interview at the right time. I'm really impressed by Mr. Druckenmiller's humility and honesty. Thanks Real Vision for such a great interview.

  • TH

    Timo H.

    28 9 2018 10:59

    2       1

    I've always wanted to spend 90 minutes with Stan discussing stuff. Happy to outsource conducting the dialogue to Kirill :-)

  • KS

    Kathleen S.

    28 9 2018 10:44

    64       0

    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 --

  • BL

    Bart L.

    28 9 2018 10:43

    3       0

    Amazing insights from a legend of the industry, what a privilege to watch and hopefully learn, thank you Real Vision and of course Kiril.

  • GR

    George R.

    28 9 2018 10:38

    15       0

    Next up, Crispin Odey?

  • FC

    Fractal C.

    28 9 2018 10:20

    6       4

    Stan is THE GOD! Thank you Kiril, Raoul and Real Vision.

  • JL

    Jacob L.

    28 9 2018 10:09

    8       0

    Damn, you guys just keep delivering. Thank you so much!

  • IC

    Ibrahim C.

    28 9 2018 09:45

    6       0

    Even from the start, this interview is one the most amazing one!!!

  • Nv

    Nick v.

    28 9 2018 09:25

    8       0

    Just brilliant. Excellent series

  • PU

    Peter U.

    28 9 2018 09:09

    8       0

    The absolute best interview ever!

  • TE

    Tito E.

    28 9 2018 09:02

    8       0

    heavyweights

  • HC

    Himmat C.

    28 9 2018 08:43

    20       0

    Wow -- all I wanted for Christmas was more interviews with Michael Green, Nancy Davis, and an interview with Stanley Druckenmiller. Thank you Real Vision, and merry !@#$ing Christmas in September to me!

    Also, I follow some writers from 13D on Twitter and they share some *fantastic* articles (particularly Trevor Noren and Damaris Colhoun). I am therefore quite excited to see the founder of 13D to be the one to conduct an interview with someone of Druckenmiller's caliber! And with that I need to hit unpause.

  • PU

    Peter U.

    28 9 2018 08:20

    20       1

    WOW!