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" I think ageing demographics is a bigger issue in China than people think. And the problems it creates should be become evident as early as 2016. "
Stanley Druckenmiller
People
Early
Become
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" Good debt growth is when you borrow money, and it goes into the real economy. You do capital spending. You build businesses. "
Stanley Druckenmiller
You
Build
Debt
" If you're early on in your career and they give you a choice between a great mentor or higher pay, take the mentor every time. It's not even close. And don't even think about leaving that mentor until your learning curve peaks. "
Stanley Druckenmiller
Think
Learning
Choice
" Soros has taught me that when you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig. It takes courage to ride a profit with huge leverage. "
Stanley Druckenmiller
Me
Courage
Pig
" I like putting all my eggs in one basket and then watching the basket very carefully. "
Stanley Druckenmiller
Watching
Eggs
Like
" You can be far more aggressive when you're making good profits. "
Stanley Druckenmiller
Making
More
You
" If you're running a business for the long term, the last thing you should be doing is borrowing money to buy back stock. "
Stanley Druckenmiller
You
Back
Long
" Soros is the best loss taker I've ever seen. He doesn't care whether he wins or loses on a trade. If a trade doesn't work, he's confident enough about his ability to win on other trades that he can easily walk away from the position. "
Stanley Druckenmiller
Work
Best
Care
" If machines do everything well, including allocating capital and resources efficiently, can that be deflationary, can that eliminate poverty? I don't know. It's hard to be very optimistic if you look at how humans have behaved historically. "
Stanley Druckenmiller
Know
Poverty
Everything
" What a company's been earning doesn't mean anything. What you have to look at is what people think it's going to earn. If you can see something in two years is going to be entirely different than the conventional wisdom, that's how you make money. "
Stanley Druckenmiller
You
Money
People
" Whenever I see a stock market explode, six to 12 months later you are in a full blown recovery. "
Stanley Druckenmiller
I See
You
Stock Market
" I've always loved to play games, and face it: investing is one big game. You need to be decisive, open-minded, flexible and competitive. "
Stanley Druckenmiller
Loved
You
Play
" The few times that Soros has ever criticized me was when I was really right on a market and didn't maximize the opportunity. "
Stanley Druckenmiller
Opportunity
Right
Really
" Part of my advantage is that my strength is economic forecasting, but that only works in free markets, when markets are smarter than people. That's how I started. I watched the stock market, how equities reacted to change in levels of economic activity, and I could understand how price signals worked and how to forecast them. "
Stanley Druckenmiller
Change
People
Stock Market
" If you're extremely confident, taking a loss doesn't bother you. "
Stanley Druckenmiller
You
Bother
Confident
" All in all, I don't think robots and greater automation can bring about a utopian world as I imagined it would as a kid 50 years ago. "
Stanley Druckenmiller
Automation
Robots
Kid
" I don't like the repeal of the estate tax. "
Stanley Druckenmiller
Estate Tax
Tax
Repeal
" I love being around kids. I couldn't figure out why all these 70-year-olds wanted to hang out with me when I was 27. Now I understand, and I'm trying to steal their energy from them like they stole from me at the time. "
Stanley Druckenmiller
Energy
Trying
Time
" I believe that good investors are successful not because of their IQ, but because they have an investing discipline. But, what is more disciplined than a machine? A well-researched machine can make many average investors redundant, leaving behind only the really good human investors with exceptional intuition and skill. "
Stanley Druckenmiller
Believe
Successful
Good
" There's just nothing to me so invaluable in my business, but in many businesses, as great mentors. "
Stanley Druckenmiller
Business
Great
Me
" The first thing I heard when I got in the business - not from my mentor - was, 'Bulls make money, bears make money, and pigs get slaughtered.' I'm here to tell you I was a pig. And I strongly believe the only way to make long-term returns in our business that are superior is by being a pig. "
Stanley Druckenmiller
You
Mentor
Business
" Earnings don't move the overall market; it's the Federal Reserve Board... focus on the central banks, and focus on the movement of liquidity... most people in the market are looking for earnings and conventional measures. It's liquidity that moves markets. "
Stanley Druckenmiller
People
Focus
Looking
" Bitcoin is like anything else: it's worth what people are willing to pay for it. "
Stanley Druckenmiller
Anything
Like
Pay
" Once an economy reaches a certain level of acceleration... the Fed is no longer with you... The Fed, instead of trying to get the economy moving, reverts to acting like the central bankers they are and starts worrying about inflation and things getting too hot. "
Stanley Druckenmiller
Acting
Hot
Like
" For 30 years I've been responsible for managing client money, and it's been a joy, but at some point I need to move on. Thirty years is enough. "
Stanley Druckenmiller
Enough
Move On
Move