A thread with some key quotes from the Stanley Druckenmiller 2023 Sohn Interview:

1. On the impact of free money:

"When you have free money, people do stupid things. When you have free money for 11 years, people do really stupid things. So there's stuff under the hood, it's… twitter.com/i/web/status/1656400253506007042

@DisruptorStocks @carlquintanilla @SamanthaLaDuc @KristinBentz @JuliaLaRoche 2. On a hard or soft landing:

"It's hard to look at that constellation of factors, know that we've only had a few soft landings since 1950, all of them were proceeded by what I would call proactive rather than reactive fed policy and believe we're going to have a soft landing"

3. Is this like 2008?

"I am not predicting something worse than 2008, so I don't want to see headlines tomorrow that I said something worse than 2008 is coming. But I think it's naive to not be open-minded to some sort of possibility of that effect"

4. On AI:

"I actually think there is a very very real possibility and could be every bit as impactful as the internet literally going forward. And it could be a beautiful opportunity in a hard landing, just like in 01, 02 were a beautiful opportunity when the tech bubble burst"

5. On his market outlook for the next 10 years:

"When I look at the market at 20X earnings. When I look at margins as high as they are. When I looked at the fiscal challenges...it's hard for me to envision stocks being higher in 10 years"

6. On his current positioning:

"I'm in gold & silver right now. They historically have not done well In hard landings...I'm betting for the time being against the history of silver and gold in hard landings. Could be wrong...I could change my mind in a week or two folks"

7. On investing in copper:

"Copper is in the tightest position frankly, I've ever even studied. I'm actually afraid to have a meaningful position in it at this point as we approach the hard landing. Only because I'm not an idiot"

8. On fat pitches:

"I like concentrated bets. I like fat pitches. And then to swing big. And I also like when you don't see a fat pitch, stand there and let the pitches go by"

9. Reflecting on how he has managed to succeed in life:

"I managed it with ridiculous levels of luck. I married someone who I was in love with and I knew she was very intelligent and had great values, but I had no idea what a great mother she would be"

10/10. Thanks for reading.

Here is the full video: www.youtube.com/watch?v=bMAm2S1M_IU&ab_channel=SohnConferenceFoundation

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