Street Stories

Hedge Funds, Trend Following and Alternative Investments

Stanley Druckenmiller and George Soros, a Hedge Fund Pair

Financial World
The Wall Street 100
By Stephen Taub, David Carey, Amy Barrett, Richard J. Coletti and Jackie Gold
July 10, 1990
Page 70

No. 61 Stanley Druckenmiller
At least $10 million

With George Soros running around Eastern Europe trying to make the world safer for capitalism, Druckenmiller, 36, is one of the key people running Quantum Fund. One of seven managing directors of Soros Fund Management, he is married to Dreyfus manager Fiona Biggs, niece of Morgan Stanley bigwig Barton Biggs. They met while they were both at Pittsburgh National Bank, where he rose from analyst to director of investments in 1980 at the tender age of 27. The following year he started Duquesne Capital with just $1 million. In 1985, he became a consultant to Dreyfus and lived in New York City two days each week. Moved there full-time when he was named head of the Dreyfus Fund. Jumped to Soros in 1988. Once dreamed of being an English or economics professor, which explains BAs in both subjects from Bowdoin College. Dropped out of a three-year Ph.D. program in economics at University of Michigan in the middle of second semester. Gambling is in his blood. Has played poker since he was 11, and is said to have hardly ever lost in college. Moved often as a kid, but spend nine years in Richmond, VA.

Financial World
The Wall Street 100
By Stephen Taub and David Carey with Alison M. Smith
July 21, 1992
Page 42

No. 13 Stanley Druckenmiller
Soros Fund Management
At least $30 million

One of George Soros's key triggermen, Druckenmiller has a knack for taking big positions at the right time, which contributed heavily to Quantum's quantum returns. The Dreyfus Corp. veteran also runs Duquesne Capital Management, the investment advisory firm he founded in 1981. Family gatherings are a convention of Wall Street smart money. Wife Fiona Biggs, who manages the Dreyfus Strategic World Investing fund, is the niece of Morgan Stanley honcho Barton Biggs. Druckenmiller, 39, got his degree in English and economics from Bowdoin College, where he remains an active and valuable alum. He's been playing poker since he was 11 years old. You've been warned.

Financial World
The Wall Street 100
By Stephen Taub, Nanette Byrnes, and David Carey
July 6, 1993
Page 41

No. 5 Stanley Druckenmiller
Soros Fund Management
At least $110 million

With George Soros preoccupied with philanthropic activities, the task of minding the Soros shop has increasingly fallen to Stanley Druckenmiller. As Soros Fund Management's chief triggerman, the 40-year-old Park Avenue resident and Hamptons habitue has parlayed his understanding of currency speculation and derivatives into a nine-figure income.

A master of technical and macro strategy, Druckenmiller watches market trends in price and volume to guide his investment decisions. His most celebrated series of trades: last fall's simultaneous long position in deutsche marks and short positions in British pounds and Italian lire. Druckenmiller also retains his own sizable money management firm, Pittsburgh-based Duquesne Capital Management, whose Priority partnerships perform in line with Quantum.

Financial World
The Wall Street 100
Call it the year of the hedge funds. For this elite band, it was the best year ever.
By Stephen Taub and David Carey with Andrew Osterland and David Yee
July 5, 1994
Page 33

No. 4 Stanley Druckenmiller
Soros Fund Management
At least $210 million

When Soros hired Stanley Druckenmiller away from Dreyfus in 1988, he reportedly said, "I think Ive found my clone." No, he doesnt have a round face or speak with an accent. But he shares Soross global vision and shows the same deftness and steel nerves when trading huge sums in any type of market throughout the world. Druckenmiller, Soross chief trader, also runs hedge funds on the side, including Priority II, which was up about 75% last year, net of fees, eclipsing even Quantums performance. Druckenmillers earnings include his bonus at Soros as well as his share of the gains at Priority, plus realized gains on his own capital. Not bad for a guy who got his degree in English and economics from Bowdoin College and enjoyed a short stint as a mutual fund manager at Dreyfus. His recent 41st birthday celebration hardly rivaled last years big bash at his Southampton home, where 125 to 150 guests dined in an enormous tent measuring around 150 feet by 50 feet filled with huge floral bouquets. The headline entertainment: The Pointer Sisters. Among the guests: Wall Street 100 luminaries Louis Bacon and Paul Tudor Jones, who arrived on crutches and in foul humor. Jones is said to have at one point thrown a coat at one of the Sisters and a drink at the birthday boy.

Financial World
The Wall Street 100
Compensation was way down in 1994 for Wall Streets highest earners
By Stephen Taub, David Carey, and Joseph Epstein
July 4, 1995
Page 50

No. 35 Stanley Druckenmiller
Soros Fund Management
At least $15 million

Last year was a bit humbling for George Soross chief traders. Not only did the Soros funds have mixed results, so did the ones Stanley Druckenmiller owns and manages.
Druckenmiller, 42, recently consolidated his 17 or so partnerships and separate accounts into a handful of portfolios. His Duquesne partnership, with nearly $400 million in assets, was up less than 1% in 1994. However, his second largest, Swat, was up about 13%, net of fees. Druckenmiller, a former Dreyfus mutual fund manager, became a money manager legend in the early 1990s when his big bold bets on interest rates and currencies generated sizable returns for Soros. He recently purchased a $6 million home in North Palm Beach, Fla. Thats in addition to a luxury penthouse in New York City and a weekend home on Long Island. Druckenmiller occasionally goes hunting at the Maryland estate of fellow Wall Street 100 member Paul Tudor Jones and is a trustee of Joness Robin Hood Foundation.

Financial World
The Wall Street 100
By David Carey and Stephen Taub
October 21, 1996
Page 59

No. 2 Stanley Druckenmiller
Soros Fund Management
At least $350 million