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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
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?
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: