MICHEL PIREU: A funny thing happened on the way to the stockbroker
Nobody can make big money on what someone else tells them to do
“So, this is kind of a funny story — at least, it is 15 years later, because the pain has subsided a little,” Stanley Druckenmiller told his audience in a speech at The Lost Tree Club.
“But in 1999 after Yahoo and America Online had already gone up like tenfold, I got the bright idea at Soros to short internet stocks. And I put $200m in them in about February and by mid-March I had gotten completely beat up. And I was very proud of the fact that I never had a down year.