Druckenmiller's final letter

By Lawrence Delevingne

Wed Aug 18, 2010


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Legendary hedge fund manager Stanley Druckenmiller of Duquesne Capital Management is retiring.


One of the most successful long-term investing runs in hedge fund history is over.

Legendary manager Stanley Druckenmiller of Duquesne Capital Management is retiring and closing the firm, according to a letter sent to investors.

First reported by Katherine Burton of Bloomberg, Druckenmiller explained his rationale in the one-page letter (full text below). "I have had to recognize that competing in the markets over such a long timeframe imposes heavy personal costs," he wrote.

Druckenmiller also cites the "challenge of managing an enormous amount of capital" and it "having a clear impact on my ability to perform."

According to Bloomberg, Duquesne is down 5% in 2010, which if not turned positive, would be the fund's first losing year in its 30 years of existence. The money manager for $12 billion has returned an average of 30 percent annually since 1986.

See AR's 2006 profile of Druckenmiller and Duquesne, " The anti-institution "

Here's the full letter announcing the decision.
Druckenmiller August 2010 Letter to Investors

ISSN: 2151-1845 / CDC10004H