Stanley Druckenmiller: The two things my mentor taught me
1) Never, ever invest in the present. It doesn’t matter what a company’s earning, what they earned. He taught me that you have to visualize the situation 18 months from now, and whatever that is, that’s where the price will be, not where it is today. Too many people look at the present. Oh, this is a great company, they’ve done this or this central bank is doing all the right things. But you have to look to the future. If you invest in the present, you’re going to get run over. 2) 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, that most people in the market are looking for earnings and conventional measures. It’s liquidity that moves markets. (Excerpt from Stanley Druckenmiller speech at the One Tree Club in Florida, 2015).
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