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Why Druckenmiller invests in tech high fliers

Stanley Druckenmiller, Founder, Duquesne Capital & Chief Executive Officer, Duquesne Family Office
David A. Grogan | CNBC

Billionaire investor Stanley Druckenmiller's track record is unparalleled. He generated annualized returns of 30 percent during his investment career. The Duquesne fund he managed had no down years in 30 years.

As a result, when he talks about his current investment strategy, Wall Street listens.

The buzz on the Street this week is Druckenmiller's seemingly counterintuitive comments on how he likes "Nifty Ten" stocks like Amazon.com and is short value stocks such as IBM.

"Nifty Ten" is a word play on the "Nifty Fifty" buy and hold growth stocks of the early 1970s, which reached extremely high valuations before faltering.

"I've been hanging out in the Nifty Ten, short value stocks. Probably the opposite they would teach in Dr. (Larry) Summers class," Druckenmiller said at The New York Times DealBook conference Tuesday.

Here's why Druckenmiller is investing this way...