Alain

Stan Druckenmiller on invest, then investigate. Do you have to be an expert to catch big moves? "Thank God the answer is an emphatic no. But I've got to have an expert at Duquesne who is, and trust his judgment. And then I've got to have a feel for how the market will embrace the change he's describing. But we did make a big move into biotech. I could sense that there was a potential leadership change just because of the phobia around AI. And I knew, because I've been on the board of Memorial Sloan Kettering for 30 years, that probably the best use case out there of AI is biotech, through drug discovery, diagnostics, monitoring, everything. So biotech had been on its butt for like four years. I also grew up with technical analysis, and you could see the momentum changing. So that was the theory behind biotech. But honestly, when the analysts start talking about genetic sequencing and gene editing and proteins, it's going right over Stan's head. But I get the other level of enthusiasm. We have a very good biotech team. That's really important because I trust them. And when they're really enthusiastic, that's as important to me as the actual facts, because I'm not smart enough to understand a lot of the actual facts. So you filter not just the data, but the people that work for you. My advantage is not IQ, it's trigger pulling."