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this video is sponsored by revelation whether you've been with real vision for a while or you just signed up you probably did so because of an interview with the Titan of the finance industry what got me hooked on real vision was the interview with Stanley Druckenmiller so today we're gonna go back and look at some priceless wisdom from the Michael Jordan of investing the druk himself and it's all going down on this week's episode of real visions the one thing what's going on investors 8k here the first thing that stood out to me about Druckenmiller is how he openly acknowledges his own biases most experts that come on TV are just one dimension they're either perma bulls or perma bears with no self-awareness and no self-examination in an exclusive real vision interview Druckenmiller reflects openly on his career noting how self-awareness allowed him to identify his biases leading to a pivot in his stress since free money was instituted I have really struggled I haven't had any down years since I started a family office but thank you for quoting the 30 year record and I don't even know how I did that when I look back and I look at today but I probably made about 70% of my money during that time in currencies and bonds and that's been pretty much squished and become a very challenging area both of them as a profit Center so while I started in equities and that was my bread and butter my first three or four years in the business I've evolved in other areas and it's a little bit of back to the future the last eight or nine years where I've had to refocus on the equity market and I also have bare itis because I'm made my highest absolute return for all in bear markets I think I was average of turning bear market was well over 50% so I've had a bearish bias and I've been way too cautious the last say five or six years and this year is no exception Stan has perhaps the best 30 year track record in the investment industry he's compounded over 30% returns and he's never had it down here in over a hundred and twenty quarters of management he's only lost money and five even with all that drug still remains open about his own struggle listen to this nugget of brutal self critique that he shares about his recent performance the most trouble I've been about my future as a money manager maybe ever is what you mentioned the cancelling of price signals but it's not just the central banks if it was just the central banks I could I could deal with that but I'm one of my strengths over the years was having deep respect for the markets and using the markets to predict the economy and particularly using internal groups within the market to make predictions and I think I was always open-minded enough and had enough humility that if those signals challenge from my opinion I went back to the drawing board and made sure things weren't changing these algos have taken all the rhythm out of the market and have become extremely confusing to me and when you take away price action versus news from someone who's used for i-section news as their major disciplinary tool for 35 years it's tough and it's become very tough how many of us or how many of these pundits can be so humble when we have the right to be the exact opposite that type of humility is rare there are very few people especially public personalities that are willing to check their ego like that especially in front of a camera so is that the secret sauce for self-actualization does it all come down to brutal self-examination Druckenmiller holds himself to such an honest standard now we all know psychology is crucial to investment manager right I mean real vision has a whole show on psychology called the mental game of trading which you should definitely check out if you have it but mastering one's own mind is a skill that very few are able to develop Abraham Maslow created the hierarchy of needs and at the top of that pyramid is self-actualization Maslow defines it as morality creativity spontaneity problem-solving a lack of prejudice and acceptance of facts and I mean doesn't drug shine as an example of exactly that to be successful in the stock market you need self mastery all those technical indicators and balance sheet reading are not going to get you what you want bless you master your own mind what does Druckenmiller point to as one of the integral points of his process it's a balance wasn't a stands comments on the balance his wife has brought him the balance life is the key and in my case Fiona and I are both very private people so we don't really go out on the social scene in New York at all we might go to three events a year whereas I think most of my peers might go to three a week and that frees up a lot of time I had the benefit of a very highly intelligent creative wife who's now had four different career she repots herself about every 10 years who after my children were born she gave up everything to raise those children and she did in a very intense creative way she just have this thing called special time where each child one day a week for two or three hours after school could go anywhere in New York and any activity with her because she thought it was important what sibling rivalry to have individual time with each so at all it all sort of starts with her and perhaps her final lesson on humility how's this for a home the legacy I'd like to be remembering as as not some loud ostentatious overly consumptive person in the meantime but I think I thank God I married Fiona because she wasn't from a lot of money but she had old money and she taught me to behave in a way I probably wouldn't have from the get-go when I see some of my peers and I'd like to avoid that stamp of a sure sure and now we have a president who seems to have exceeded that culture just so I guess that would be it just that made a difference and at least a life for some humility on this show we talk a lot about process and strategy and new industries in macro but this episode is unique because we talk about what we really value which we do not see in the media enough Stan Druckenmiller has taught us that the quality of your character and the ethos that you live your life with the love that you have for your family in the respect you have for your colleague those are all key to being successful not only in markets but in life and if you'd like to get more wisdom from legends like druk then make sure you subscribe to real vision I'll talk to you next week you
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