Stanley Druckenmiller averaged 30% a year for 30 years without a single losing year
Paul Tudor Jones asked him on stage what made him different from everyone else - his answer: size
"I put 350% long into one bond trade - 200 to 300% of my fund into a single currency - put all your eggs in one basket and watch the basket carefully"
"I've never used a stop loss in 40 years - I exit when the reason I bought changes, not when the price is down"
"the world changed on 9/11, the world changed when the wall came down, the world changed election night - these moments set in place two to four-year trends you can play"
bookmark and watch it today ↓
Stanley Druckenmiller: “A lot of my style is you [first] build a thesis, hopefully that no one else has built. You sort of put some positions on…
Then when the thesis starts to evolve and people get on & you see the momentum start to change in your favor, then you really go for it. You pile into the trade.”
@makaops You can't get Monero in Europe anymore. The price increase is good and nice, but if the user circle is so limited and nobody can join, don't expect it to be the freedom money for the people.
One of the greatest cheat codes in life is to never get offended. Train yourself to have thick skin. Don't take things personally. Let others disagree with you. Being easily offended means you're easily manipulated. If you value peace of mind, avoid getting offended.
Shopify billionaire co-founder & CEO Tobi Lütke — one of the most analytically rigorous founders alive — uses affirmations.
His exact words:
"If you tell yourself or write down something about yourself 100 times, it writes into the neurofrontal cortex at such a deep level that your brain will start reconciling you to that. It just works."
His personal example:
He was terrified of public speaking.
For one week he sat down every day for 10 minutes and wrote: "I love public speaking."
A week later the fear was gone.
"It's not like a placebo. You just actively change your neurofrontal cortex in this moment."
Your brain starts shaping your behavior around the identity you rehearse most.
Finance is the best industry ever because you don't have to care what someone thinks about you.
There's no Machiavellian politics. There's little bureaucracy.
The only thing that matters are returns. Is your PnL higher than it was at the start of the year or not.
You don't have to like me but you must respect my performance. I don't care if you think I'm a good person, or an asshole. My returns speak for themselves.