The anti-institution

by

Duquesne IS Stanley Druckenmiller. That's why the firm is so successful -but it may also be why so many are leaving.

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