Stanley Druckenmiller on Investing Success

Building on my recent post about famous stock picking quotes, I’d like to take another opportunity to explore the wisdom and insights of some of my favorite investors from around the world. My focus remains on those who, like myself, are stock pickers or single-targeted investors. Stanley Druckenmiller is a perfect example, renowned for his ability to make bold, concentrated bets. With that in mind, here are 20 of his most compelling quotes on investing—stay tuned for more to come:

1. “The best way to achieve long-term success is to focus on the process, not the outcome.”
2. “Every great money manager I’ve ever met, all they want to talk about is their mistakes. There’s a great humility there.”
3. “Earnings don’t move the overall market; it’s the Federal Reserve Board… Focus on the central banks and focus on the movement of liquidity. Most people in the market are looking for earnings and conventional measures. It’s liquidity that moves markets.”
4. “It’s not about how often you’re right or wrong; it’s about how much you make when you’re right and how much you lose when you’re wrong.”
5. “I don’t use stops. I don’t like selling stocks. I like buying stocks, and I hold until I think something is really wrong or that something better comes along.”
6. “I’ve learned many things from 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.”
7. “When you’re in a bear market, you don’t need to have the S&P down 50% before you get bearish. Once it goes down 10% or 15%, it’s pretty clear you’re in a bear market.”
8. “The way to build long-term returns is through preservation of capital and home runs.”
9. “I never use valuation to time the market. I use liquidity considerations and technical analysis for timing.”
10. “If you’re going to be a great investor, you have to fit your style to who you are.”
11. “I like putting all my eggs in one basket and watching the basket carefully.”
12. “There’s no shame in losing money on a trade. There’s only shame in not having a plan.”
13. “I’m always thinking about losing money as opposed to making money. Don’t focus on making money; focus on protecting what you have.”
14. “Sometimes markets move simply because a big player in the market has a position and needs to get out. Understanding this dynamic is key.”
15. “I think diversification and all the stuff they’re teaching at business school today is probably the most misguided concept anywhere.”
16. “Markets that go up for five years without a meaningful correction usually aren’t healthy.”
17. “We all get the same information; it’s what we do with it that matters.”
18. “When you’re betting big, the key is to feel the same way about losing as you do about winning.”
19. “Don’t rely on anyone else to make your decisions. You must have the courage to follow your convictions.”
20. “You don’t win by being a cheerleader. You win by analyzing and understanding the facts.”

Thanks for reading and I hope you found this list of quotes and sayings insightful!

Written by Stefan Cheplick, a fintech builder and writer with experience at Stocktwits and TradingView. Background and published work.