A Quote by Stanley Druckenmiller
The way to build superior long-term returns is through preservation of capital and home runs...When you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig.
Related Quotes
The way to build long-term returns is through preservation of capital and home runs.
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.
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.
The one thing I learned the most about acting is it takes a tremendous amount of courage to go there and stand still. It takes courage and guts to step out of your mind frame and depict something.
It takes courage to pull the ball down and reverse field and do some of the crazy things that Favre and Manziel do. There's going to be consequences when sometimes it doesn't work out. But it takes a tremendous amount of guts and courage to go make a play when there's nothing there instead of throwing the ball away.
For the men and women of the FBI, bravery is reflected not only in the physical courage often necessary in the job. It can be seen in the courage of conviction, in the courage to act with wisdom in the face of fear, and in the courage it takes to admit mistakes and move forward.
The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital - capital invested for the long-term in empowering innovations.
We've tried to build Sequoia Capital with an eye for the long term that we really look for in the companies we like to partner with.
We are willing to consider any rebalancing as long as it's through trade expansion, not through trade restriction. As long as it's about how can we buy more from each other, we're willing to work that way.
You can build a filter app get people really excited, but the way to keep them is to provide long-term value. Long-term value is, in fact, being its own network.
In the same way we have a long-term plan for building roads, we have to have a long term plan to build transit.
It is always easiest to run with the herd; at times, it can take a deep reservoir of courage and conviction to stand apart from it. Yet distancing yourself from the crowd is an essential component of long-term investment success.
Empowering innovations require long-term investments, which tie up capital for years and years. So companies are using capital to create more capital, and consequently, the world is awash in capital, but the innovations we need to advance aren't there.
It takes tremendous discipline, takes tremendous courage, to think for yourself, to examine yourself.
The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of its principals that must have averaged 160. Smart people aren't exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods.
The ideal business is one that earns very high returns on capital and that keeps using lots of capital at those high returns. That becomes a compounding machine.
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