Stanley Druckenmiller closed his hedge fund, Duquesne Capital Management in August 2010. He returned the money of investors and said he was frustrated with his inability to deliver high returns. Stanley’s standards are very high though, his hedge fund posted an average annual return of 30 percent without any money-losing year. He started the fund in 1981 with $1 million and when he closed it down had $12 billion under management.
Stanley was born on June 14, 1953 in Pittsburg, Pennsylvania. He earned a BA in English and Economics at Bowdoin College in 1975. Stanley was in a three year Ph.D. program in economics at the University of Michigan but dropped out to become an oil analyst for Pittsburgh National Bank in 1977. After one year he became head of the bank’s equity research group.
Stanley then founded Duquesne Capital Management. He worked for George Soros in 1988 and with Soros “broke the Bank of England “by shorting the British pound sterling in 1992. He left Soros in 2000 and went back fulltime to Duquesne Capital Management. After retiring Stanley has been investing in funds managed by former Duquesne portfolio managers.
He has also been active in philanthropy in what can be described as in his usual superlative manner. Stanley announced a $705 million commitment in 2009 to “medical research, education and the fight against poverty,” including a $100 million gift to found a Neuroscience Institute at NYU School of Medicine.
Stanley is also the chairman of the board of Harlem Children’s Zone. He gave $25 million to the organization in 2005.