He just like me fr
![He just like me fr He just like me fr](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F4b993f84-9671-4a3e-86bf-ea56618dfd3e_1024x1024.png)
Stanely Druckenmiller is one of the most legendary traders of all time. He ran his fund for 30 years and averaged a 30% per year return with no losing years. But here's a story of how he felt the market was going to crash during the dot com bubble and still lost a bunch of money.
Stanley Druckenmiller: This was one of my biggest investing mistakes.
Somebody asked me what I learned from this and I said, “Nothing. I already knew it.”
In January of 2000, after riding that tech boom to a T and making billions of dollars in 1999, I sold everything.
I had a couple of internal portfolio managers at Soros who didn’t sell out. They had smaller portfolios but made 30% after I sold.
And I just couldn’t stand it anymore. And I’m watching them make all this money every day. For two days, I’m ready to pick up the phone and buy this stuff back.
I pick up the phone and I buy them.
I might have missed the top of the Dotcom Bubble by an hour.
I ended up losing $3B on that trade alone. I had made more of the year before, but you know $3B is a lot of money.
It was all because I got emotional and dropped every tool of discipline I’ve ever had. And somebody says, what did you learn from [the trade]? And I just said, “I learned nothing. I learned that 25 years ago.”
same. sold everything at the top. still got rekt 🫡