Hedge Funds People moves

Druckenmiller's final letter

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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,