Druckenmiller says invest in the future

Druckenmiller says one of the biggest investor mistakes is investing in the present.
He tries to imagine where the situation will be 18 to 24 months from now.
That matters most in cyclical industries.
If everyone is losing money and shutting capacity, the setup can look terrible today but much better two years out.
The best investors are not just reacting to the current tape.
They are positioning for where the puck is going.