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Stanley DruckenmillerOwner of Duquesne Capital
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Biography of Stanley Druckenmiller
Stanley Freeman Druckenmiller, an American billionaire investor and financier, is the founder of Duquesne Capital.
Early Life
Stanley Druckenmiller was born on June 14, 1953, in Pittsburgh, Pennsylvania. He spent his childhood in the suburbs of Philadelphia. When he was in school, his parents divorced. Young Stanley moved with his father to Gibbstown, New Jersey, while his sisters stayed with their mother. Later, Druckenmiller relocated again to Richmond, Virginia.
After completing high school, Stanley enrolled in Bowdoin College. He earned a bachelor's degree in economics in 1975 and then joined the University of Michigan. However, he did not obtain an MBA degree as he left the prestigious institution in the second semester. During his college years, Druckenmiller displayed entrepreneurial skills and, together with his friend Lawrence B. Lindsey, opened a hot dog stand.
Investment Career
Stanley Druckenmiller's investment career began in 1977 when he started as an intern at the Pittsburgh National Bank. His ambition and competence quickly caught the attention of the bank's management, particularly Spères Drellas, the head of the bank's trust division. He was soon offered a position as an analyst for the banking and chemical sectors. The new responsibilities suited the young specialist, and he fully immersed himself in the investment business. Within a year, Stanley Druckenmiller was leading the equity research department. His rapid career growth at the Pittsburgh Bank did not stop there. Three years later, he was given the opportunity to fill the vacancy left by his mentor, Drellas. This is how Stanley Druckenmiller became the head of the bank's trust division. His appointment to this high-ranking position was preceded by an accurate forecast he made during the period of the Iranian Shah's displacement in Tehran. Ignoring all diversification rules, as the head of the research department, Druckenmiller invested 70% of the department's funds in oil company stocks. Thanks to his accurate forecast and high risk, the bank made a good profit.
After working at the bank for a year, Druckenmiller went on to establish his own firm, Duquesne Capital Management. In 1988, George Soros hired him to trade at the Quantum Fund. After ending his collaboration with Soros, Druckenmiller actively managed his own Duquesne Capital. In 2010, he announced the closure of his fund and returned the money to clients, citing "emotional damage" and fatigue.
Philanthropy
In 2009, Druckenmiller was named one of the most charitable people in America for donating over $700 million to fundraising for medical research, education, and poverty alleviation. His own net worth is $5.6 billion as of 2021.
