In 2020/21 Kuppy bought into ponzi schemes on the way up and sold near the top, this is both illegal and unethical but it contributed to his very high returns that year. Stanley Druckenmiller does the same but hires younger inexperienced traders for plausible deniability - the outcome of rising prices drawing in speculators to lose everything is the same in either case.
This behaviour is antithetical to honest value investors going back to Ben Graham who seek to caution against rather than exploit speculative behaviour of the public, due to his experience of the terrible 1930s depression.
Exceptional article!
Thank you for the kind words
Great points.
In 2020/21 Kuppy bought into ponzi schemes on the way up and sold near the top, this is both illegal and unethical but it contributed to his very high returns that year. Stanley Druckenmiller does the same but hires younger inexperienced traders for plausible deniability - the outcome of rising prices drawing in speculators to lose everything is the same in either case.
This behaviour is antithetical to honest value investors going back to Ben Graham who seek to caution against rather than exploit speculative behaviour of the public, due to his experience of the terrible 1930s depression.