Duquesne's big health gambit

Tue Jun 1, 2004

Stanley Druckenmiller does not like to tell people - even his investors - too much about his investments. This is a shame, as an analysis of recent Securities & Exchange Commission regulatory filings by Duquesne Capital Management suggests that the former Soros principal has some pretty wild tales to tell.

Perhaps few would be as interesting as a recent big gambit by Duquesne on scandal-ridden service provider Healthsouth. At the start of the second quarter, Healthsouth was one of the largest holdings in the Duquesne portfolio of more than 200 positions. In fact, Duquesne held a hefty 9.1 million shares, worth $37.4 million, up from a 100,000-share stake at the start of the year, according to regulatory filings.

It was a pretty brave bet. Although some analysts have put a $12 target on the stock for when the Alabama-based company gets its fiscal house in order, most institutional...

ISSN: 2151-1845 / CDC10004H

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