The most memorable interview I did this year was w/ Stanley Druckenmiller, who famously made $1B shorting the British Pound.

The trading legend's track record includes a 30-year stretch returning 30%+ a year (without a single down year).

Here are 8 investing lessons🧵

1/ Make concentrated bets in high conviction plays
2/ Concentrated bets can sometimes *reduce* risk
3/ Use a multi-disciplinary approach to investing
4/ Know when to sell (he never uses a stop loss)
5/ You will fight emotions your entire career
6/ His biggest investing mistake came in 2000 when he let emotions overpower his discipline
7/ If you don’t *really* love investing, you will get beat by those who do
8/ Find what *actually* makes a stock goes up or down
9/ If you enjoyed that, I write 1-2x interesting threads a week.

Follow @TrungTPhan to catch them in your feed.

Here's one you might like: https://t.co/B3SWUCF2cd
10/ PS. I also write a Saturday newsletter digging up the most interesting (and mostly hilarious) nuggets from around the web.

https://t.co/jGZs8brnVR
11/ Here's the full Q&A (audio, text) with Druckenmiller. It covers his views on the tech stocks, inflation, Wall Street Bets, crypto (BTC, ETH, DOGE), China and more:

https://t.co/N7MqxWj2ks
12/ One more: Be able to change your mind (before losing $3B in 2000, Druckenmiller pulled a stunning 180-degree turn in 1999)

(This story is courtesy of the Financial Times)
13/ Here is Stan’s guess for the first FAAMG company to reach $5T

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"I lied about my basic beliefs in order to keep a prestigious job. Now that it will be zero-cost to me, I have a few things to say."


We know that elite institutions like the one Flier was in (partial) charge of rely on irrelevant status markers like private school education, whiteness, legacy, and ability to charm an old white guy at an interview.

Harvard's discriminatory policies are becoming increasingly well known, across the political spectrum (see, e.g., the recent lawsuit on discrimination against East Asian applications.)

It's refreshing to hear a senior administrator admits to personally opposing policies that attempt to remedy these basic flaws. These are flaws that harm his institution's ability to do cutting-edge research and to serve the public.

Harvard is being eclipsed by institutions that have different ideas about how to run a 21st Century institution. Stanford, for one; the UC system; the "public Ivys".