Druckenmiller's advice to young people who want to get into finance:
"if they're going in it for the money, they should go elsewhere."
"there's too many people in the business like me that just love the game and the passion. and they're not going to be able to outwork the people that are passionate."
"and it's not a fun game if you're losing."
the people who survive long enough to compound real returns are the ones who genuinely enjoy the research, the building, the debugging at 2 AM. if you're only here for the P&L, the first extended drawdown will end you.
Very hawkish dot plot.
Nine out of 18 officials have at least one hike this year (and six of those 9 have *multiple hikes*).
Only one person has a cut this year, and one participant (presumably Warsh) didn't submit an SEP
The statement gets a complete writethru from top to bottom, much shorter