Duquesne Capital Management never really closed. It just became Point State Capital, with many of the same staffers, investors and $1 billion of Stan Druckenmiller’s money. This worked pretty well, and now Point State manages almost as much as Duquense did when Druckenmiller called it quits.
Jack Franke and Eric Lee know what we’re talking about, because they were among the staffers who started Point State back in 2011. But they had big dreams, man. Dreams of following in Druckenmiller’s footsteps by launching their own shop and eventually showing up the old man. So after five years of easy living at Point State, they struck out, and two years later, they have struck out.
“We have recently determined that we may not be able to generate the performance you expect from us going forward in the current market environment,” Blockhouse said in a letter to clients, an excerpt of which was seen by Bloomberg News.