Stanley Druckenmiller Closes Duquesne Capital After 30 Years
Looks like the average day trader and home gamer is not the only market participants struggling in this market. Stanley Druckenmiller is closing his fund after nearly 30 years in business. He cited “emotional stress and a failure to live up to his standards as reasons behind closing the fund.”
I empathize with this guy, the market is hard and what is even harder is dealing with the pressure of living up to past standards. The market is very different, what worked in the past does not always work in the future.
The saying goes, “the best traders evolve with the market, bad traders who refuse to adapt fail” I am a believe in this theory though the market has never been quite as different as it is today. With HFT providing the “liquidity” and individual stock picking all but dead, what is left to do without getting into the algo HFT game when you are managing large sums of money? Perhaps Stanley refused to adapt because of a fundamental belief the markets are broken.