Stanley Druckenmiller

“If you’re early on in your career and they give you a choice between a great mentor or higher pay, take the mentor every time. It’s not even close.”

“The first thing I heard when I got in the business, not from my mentor, was bulls make money, bears make money, and pigs get slaughtered. I’m here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig.”

“I’ve thought a lot of things when I’m managing money with great, great conviction, and a lot of times I’m wrong. And when you’re betting the ranch and the circumstances change, you have to change, and that’s how I’ve always managed money.”

“Every great money manager I’ve ever met, all they want to talk about is their mistakes. There’s a great humility there.”

“It’s liquidity that moves markets.”

“I think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere.”