Master Tracker: Stanley Druckenmiller

Stanley Druckenmiller, born on June 14, 1953, is a legendary American billionaire investor and star macro hedge fund manager with a background in economics. He started his career as an oil analyst at Pittsburgh National Bank and became the head of the bank's equity research department within a year. He later served as a key manager for Soros' Quantum Fund. In 1980, he founded Duquesne Capital and shifted to family office management after 2010.

Performance: "30 + 30"—30 years with an average annual return exceeding 30% and not a single year of losses. Starting with an initial capital of $1 million, Duquesne Capital grew to over $12 billion by the time it closed to external investors in 2010, a staggering 12,000-fold increase in assets over 30 years, with cumulative dividends exceeding $14 billion.

Core Philosophy:
1. Concentrated Offense, Diversified Defense: He believes there are only 1-2 truly high-quality investment opportunities worth pursuing each year, and when such opportunities arise, one should be bold enough to go all-in or even use leverage to amplify returns.
2. Swift Correction of Mistakes: He has stated that making mistakes in investing is not the issue; the key is to correct them promptly.

Views:
1. Position and Opportunity: "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."
2. Right or Wrong: "I’ve learned many things from him (George Soros), but perhaps the most significant is that it’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong."
3. Macro and Market: "Earnings don't move the overall market; it's the federal reserve board. It's liquidity that moves markets."
4. Risk and Market Bubbles: "If a position keeps you up at night, reduce it until you can sleep soundly."

Indeed, he is exceptionally skilled, excelling in stocks, bonds, currencies, and commodities, combining macro, valuation, and technical analysis in his trading approach. However, he also acknowledges that the investment world has changed significantly and requires continuous learning.