Stan Druckenmiller

There comes a moment when you have to go for the juggler, which is you have to decide you're right and go for it.

Where if the system holds and you're betting against the system, you lose about 1% or something like that. And what happens if it breaks? Well, it'll probably go down 18 to 20%. So you have a 20 to 1 bet.

Where if the system holds and you're betting against the system, you lose about 1% or something like that. And what happens if it breaks? Well, it'll probably go down 18 to 20%. So you have a 20 to 1 bet.

Where if the system holds and you're betting against the system, you lose about 1% or something like that. And what happens if it breaks? Well, it'll probably go down 18 to 20%. So you have a 20 to 1 bet.

But in that quiet period at the beginning, it was about little bits everywhere so nobody could see that you were becoming a tsunami. They just thought there were little ripples on the water.

But in that quiet period at the beginning, it was about little bits everywhere so nobody could see that you were becoming a tsunami. They just thought there were little ripples on the water.

But in that quiet period at the beginning, it was about little bits everywhere so nobody could see that you were becoming a tsunami. They just thought there were little ripples on the water.

When you're involved in an intense episode like that, physiologically, the kind of adrenaline makes it pretty hard to get a good night's sleep. You're on edge. You're checking currency prices. It's like, is it right at the boundary? Is it a half percent off what's going on in the other currencies in the system?

When you're involved in an intense episode like that, physiologically, the kind of adrenaline makes it pretty hard to get a good night's sleep. You're on edge. You're checking currency prices. It's like, is it right at the boundary? Is it a half percent off what's going on in the other currencies in the system?

When you're involved in an intense episode like that, physiologically, the kind of adrenaline makes it pretty hard to get a good night's sleep. You're on edge. You're checking currency prices. It's like, is it right at the boundary? Is it a half percent off what's going on in the other currencies in the system?

My wife was a New York Fed official. I didn't want to talk in proximity to her. Because at the time, if your wife had heard... She'd have a responsibility to inform the people at the New York Fed and the Federal Reserve System.

My wife was a New York Fed official. I didn't want to talk in proximity to her. Because at the time, if your wife had heard... She'd have a responsibility to inform the people at the New York Fed and the Federal Reserve System.

My wife was a New York Fed official. I didn't want to talk in proximity to her. Because at the time, if your wife had heard... She'd have a responsibility to inform the people at the New York Fed and the Federal Reserve System.

Part of what we tried to do was be kind of gentle until we had enough of a position on and then had to, how do you say, press it. But as we got into the 13th, 14th of September, you could feel the pressures and you could feel the market building up like it could get away from us.

Part of what we tried to do was be kind of gentle until we had enough of a position on and then had to, how do you say, press it. But as we got into the 13th, 14th of September, you could feel the pressures and you could feel the market building up like it could get away from us.

Part of what we tried to do was be kind of gentle until we had enough of a position on and then had to, how do you say, press it. But as we got into the 13th, 14th of September, you could feel the pressures and you could feel the market building up like it could get away from us.

We could be right, but if we were too gentle, we wouldn't get a big enough position on it. So we started pressing.

We could be right, but if we were too gentle, we wouldn't get a big enough position on it. So we started pressing.

We could be right, but if we were too gentle, we wouldn't get a big enough position on it. So we started pressing.

And what that did was it fortified our confidence that, oh boy, The Germans aren't going to let them out of this pickle. And now the whole world's going to see this. They're all going to dive on the pile.