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This Wall Street legend will be out of stocks by Christmas
Stanley Druckenmiller misread the V-shaped recovery, but the refusal of central banks to retreat from loose monetary policy has him considering an exit from equities.Â
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Stanley Druckenmiller, the much admired hedge fund manager who famously helped George Soros âbreakâ the British pound in the early 1990s, has a simple message for investors patting themselves on the back for the way theyâve navigated markets in the last 12 months.
âA monkey could make money in this market.â
The billionaire told CNBC on Tuesday night (AEST) that his family office, Duquesne Capital, had delivered a 42 per cent return in 2020 and was up 17 per cent so far this year; six outside money managers he uses have done much better than him, he said.
Volatile Markets, Independent Fed?, U.S. Dollar, Trading Tesla, Southern Copper The Fed and Treasury were heroic in the early days of the pandemic shutdown. This economic environment is not that economic environment.
May 12, 2021 | 08:10 AM EDT
You know the old saying, or maybe you don t. If not, always remember this. It may one day save your life, or for the purposes of this column, preserve capital. Slow is smooth, smooth is fast. What this means, basically, is to allow your brain to process all available information in real time, and act accordingly. It does not mean that it is okay to freeze in fear. It simply means that when under pressure there is an urge. to behave impulsively, in order to get to the other side. Don t know? Always be self-aware enough to understand that there is something, sometimes quite a lot, that you and I do not know. Might never know.
The chairman and CEO of Duquesne Family Office said the Fed s insistence on holding interest rates down and buying trillions in bonds even though markets are thriving and the economy is booming is a long-term risk. I can t find any period in history where monetary and fiscal policy were this out of step with the economic circumstances, not one, Druckenmiller said during a Squawk Box interview.
Though he does not take issue with the Fed s initial actions to combat the pandemic-related threats, Druckenmiller said the central bank has kept its foot on the accelerator too long.
He asserted that the Fed has continued its policies to help underwrite the spending binge in Congress, which has allocated more than $5 trillion in stimulus and is contemplating trillions more in infrastructure-related spending.