Stanley Druckenmiller

Soros has taught me that when you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig. It takes courage to ride a profit with huge leverage.

If you're extremely confident, taking a loss doesn't bother you.

If you're running a business for the long term, the last thing you should be doing is borrowing money to buy back stock.

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.

There's just nothing to me so invaluable in my business, but in many businesses, as great mentors.

If machines do everything well, including allocating capital and resources efficiently, can that be deflationary, can that eliminate poverty? I don't know. It's hard to be very optimistic if you look at how humans have behaved historically.

For 30 years I've been responsible for managing client money, and it's been a joy, but at some point I need to move on. Thirty years is enough.

What a company's been earning doesn't mean anything. What you have to look at is what people think it's going to earn. If you can see something in two years is going to be entirely different than the conventional wisdom, that's how you make money.

I think old people like Hillary Clinton and I shouldn't try and be cool with social networks, you know; maybe she should leave that stuff up to Chelsea.

Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That's how I started. I watched the stock market, how equities reacted to change in levels of economic activity, and I could understand how price signals worked and how to forecast them.

The few times that Soros has ever criticized me was when I was really right on a market and didn't maximize the opportunity.

Soros is the best loss taker I've ever seen. He doesn't care whether he wins or loses on a trade. If a trade doesn't work, he's confident enough about his ability to win on other trades that he can easily walk away from the position.