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Stanley Druckenmiller is a trading genius, and that’s why we should stop listening to him

Summary:
Druck & Soros: the men who broke the BoE. © Reuters In mid-1999, Stanley Druckenmiller found himself in a bind. Soros’s number two at the Hungarian’s famous Quantum Fund believed the US stock market was in full-on bubble territory. Naturally, he was short tech to the tune of 0m. Druckenmiller was right; valuations were silly. The problem was, however, that the market kept going up. By May, the fund was down 18 per cent for the year.So instead of blaming the Fed, his luck or retail traders, Druckenmiller did what any good trader does and decided to stop fighting the tape. The Quantum Fund reversed course and went neck-deep long tech, finishing the year up 35 per cent.Retold by Michael Batnick in his excellent book Big Mistakes, this tale provides a key insight into the trading

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