By Sarah Wood
After bonuses had been announced in late 2004, a rumor shook
some of the investment staff at Duquesne Capital Management. As
it went, a rival hedge fund manager had ribbed founder Stanley
Druckenmiller at a hedge fund charity breakfast regarding
Duquesne's uncharacteristically middling returns that year. The
breakfast was held the day before bonuses were to be disclosed,
and, the rumor went, the exchange had caused the competitive
and driven Druckenmiller to announce disappointing payouts.
The story is preposterous, say several people who know
Druckenmiller well. They say the intensely private hedge fund
manager, who did not respond to requests for an interview, is
by nature generous and much too strong-willed to be swayed by a
fleeting jibe from another manager. More to the point, the firm
had produced only single-digit returns for the year, creating a
smaller bonus pool than usual.
True or not, the rumor's mere...