The fact that Buffett never had a down year during the Partnership era is truly remarkable. Stanley Druckenmiller, who had previously made billions with George Soros, never had a down year at his hedge fund, Duquesne, where he managed money for twenty years. Joel Greenblatt, another famous investor who averaged 50% returns per year at Gotham, never had a down year in the ten years from 1985 to 1994. The ability to perform well in down markets is a hallmark shared by all three of these great investors.
