The Business On... Stanley Druckenmiller, Hedge fund manager

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The Independent Online

Public enemy No 2?

Surely, you can't still be feeling sore about that whole "breaking the pound" thing? Yes it's true that Mr Druckenmiller, as No 2 at George Soros's hedge fund, was the man who placed that gigantic bet against sterling in 1992. You'll remember a stricken Norman Lamont eventually conceding defeat and withdrawing Britain from the exchange rate mechanism. It was embarrassing, but on the plus side the devaluation of sterling did provide the base for the UK economy to leap forward.



Maybe he can help out again?

Sadly not. Mr Druckenmiller, now regarded as a hedge fund guru, has just announced he is retiring at the age of 57 and plans to shut his Duquesne Capital Management.



I thought these Wall Street types never quit?

Indeed. Mr Soros turned 80 last week and is still going strong. But his protegée says he has got tired and that his "disappointing" performance this year has persuaded him to call it a day. "I chose to leave Soros Fund Management 10 years ago because the challenge of managing an enormous amount of capital was having a clear impact on my ability to perform, as well as my state of being," he has told investors. "Unfortunately, as Duquesne has grown, these factors have again emerged."



Goodness, he sounds depressed

A phone call from a friend reportedly pushed him over the edge. When Mr Druckenmiller said he couldn't get away from the office to play golf in Scotland, the friend replied: "What, are you crazy? You're a billionaire. You can't leave for a few days?" Mr Druckenmiller certainly isn't crazy and he took the point.



Will he get a decent pension?

One imagines he's made a few smart investments. Forbes puts his wealth at $2.8bn, so he'll probably get by.



What will he do?

Play more golf presumably. That and what all these guys do these days – he has plans to devote himself to philanthropy.

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