Top 50 Rules to Investing-Rule 20
It takes courage to be a pig (don't settle for taking 10% profits).
It Takes Courage To Be a Pig | Finance, Investment, Stock, Trading - George Soros
With his heart and mind focused on Eastern Europe and the Soviet Union, George Soros felt less and less inclined to keep up with the day-to-day operations of the Quantum Fund. He could afford the diversion. From the mid-1980s on, the fund had a net asset value of over $1 billion. Soros was on his way to becoming one of the richest men in America. He wished to spend most of his time promoting open societies in Europe, as little as possible worrying about making a buck.
By the fall of 1988, Soros was determined to choose someone who could not only take over the day-to-day running of the fund but one day take over the entire operation, someone who could make decisions over a wide realm of investment choices. Finding that person and putting him at the helm marked one of the most important decisions George Soros would ever have to make.
The person he selected was Stanley Druckenmiller.
Like Soros, Druckenmiller, a Philadelphia native, had attracted virtually no media attention in the early years of his career. He had been an investment whiz, but few knew anything about him. He had obtained his undergraduate degree in English and economics magna cum laude at Bowdoin College in Maine. He went on to study economics at the graduate level at the University of Michigan but found the program overly quantitative and theoretical-and boring. It seemed to place too little stress on the real world.
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