Bloomberg’s Stephanie Ruhle interviews Stan Druckenmiller,
an American hedge fund manager and founder of Duquesne Capital Management LLC.
Topic of the interview was pretty wide but I lol'd on their specific discussion about hedge funds and banks, excerpts below:
Stephanie: You
have these big banks that are now doing business where they look more like
utilities, I don’t know how are these guys going to make a ton of money going
forward, maybe there does need to be more consolidation?
Stan: I’d like to
see them operate more like utilities, I couldn't care less whether they make
money, unless I own their equities, but if we're talking about as a United States
citizen, I have no problem with banks being
utilities and going back to what banks used to do
utilities and going back to what banks used to do
Stephanie: Banks
are about human capital, they don’t make TV sets, they don’t innovate products,
they need to have the smartest, most sophisticated people in the building in
those seats
Stan: Not if they’re
just making loans.
Stephanie: And
that’s what they should just be doing?
Stan: Yeah!
Stephanie: And
the most sophisticated guys should work at hedge funds, not on sell side
trading desks?
Stan: You said
that Stephanie, not me
Me: BWAHAHAHAH
=))
Watch the whole video here:
http://www.businessweek.com/videos/2013-03-01/druckenmiller-sees-crisis-worse-than-2008
Banks are about human capital, they don’t make TV sets, they don’t innovate products, they need to payday lender have the smartest, most sophisticated people in the building in those seats.
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