From Stanley Druckenmiller’s speech to the Lost Tree Club (2015):
The first thing I heard when I got in the business 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 that are superior is by being a pig. I think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept everywhere...
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