He met privately with officials of the British Treasury and the Bank of England.
Druckenmiller traveled to London with all the credibility of a financial head of state. So formidable is the Soros-Druckenmiller investment hand that many on Wall Street have discussed its ability to undermine a major foreign currency. "Of all the people in the business, he is just the best, both at the macro level and with individual stocks," said Julian Robertson, who runs the Tiger Management funds, which are among Quantum's biggest competitors. Last year was his best yet - a 60 percent jump. Soros's own outstanding record of 30 percent annually since 1969.
Druckenmiller took over, Quantum's funds have been averaging an annual gain of 40 percent in net asset value - higher even than Mr. His success has contributed mightily to the perception that, while the 1980's was the decade of the dealmakers, the 1990's is the decade of derivatives. Druckenmiller's strategy goes far beyond buying stocks and bonds, into the esoteric world of derivatives like options and futures on a variety of products worldwide, including foreign currencies, bonds and stock indexes. Soros's alter ego, deciding on the complicated mix of investments by Quantum, while also handling his own large and highly profitable fund, Pittsburgh-based Duquesne Capital Management. Druckenmiller who created the investment strategy, which made $2 billion in profits in a matter of weeks.įor four years, the 39-year-old Mr. When Quantum bet $10 billion on the German mark and against the British pound and the Italian lira last September, it was Stanley F. The Soros lieutenant who masterminded the Japan investment was Stanley F. He was in Eastern Europe and Russia, tending to his numerous philanthropic projects.
Soros could not have been farther from the action. Soros had bet big and fast on a range of Japanese securities, the rush into the market accelerated. WHEN the Tokyo stock market began rallying last month, a big buyer was the Quantum Group, the investment funds run by George Soros.
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