Stanley Druckenmiller - Wikipedia
According to the Wall Street Journal, on August 18, 2010 Druckenmiller "told clients that he's returning their money and ending his firm's 30-year run, citing the 'high emotional toll' of not performing up to his own expectations." He indicated it was not easy to make big profits while handling very large sums of money.
At the time of closing, Duquesne Capital had over $12 billion in assets.
From 1988 to 2000, he managed money for George Soros as the lead portfolio manager for Quantum Fund. He is reported to have made $260 million in 2008.
Stan Druckenmiller has some advice for you: “Get out of the stock market.”
Druckenmiller is one of the world’s greatest traders. From 1986 to 2010, his hedge fund earned average annual returns of 30%. Even more incredible, he never had one down year.
Druckenmiller stopped managing outside money in 2010. Today, he runs a family fund with about $1 billion in assets.
• Like us, Druckenmiller is bearish on U.S. stocks…
During the third quarter of 2015, he cut his holdings in U.S. stocks by 41%. He then issued this warning in November:I'm working under the assumption that we may have started a primary bear market in July…
I can see myself getting really bearish. I can't see myself getting really bullish.
Duquesne Family Office founder Stan Druckenmiller appeared on CNBC today to give his thoughts on the markets and election.
He noted that after the election a lot of regulation will be taken out of the system which should help get things going. Other changes like tax reform, especially reducing the corporate tax rate encouraged him as he was "quite optimistic" on the economy.
Druckenmiller said that, "I have a large bet on economic growth ... I'm short bonds globally ... I'm short bunds, I'm short Italian bonds, I'm short US bonds. I like sectors of the equity market that respond to growth, value, and materials, not things like staples and traditional growth stocks."
He also added he likes the US dollar, with an emphasis against the euro. And he has dumped his gold long (he actually sold during the night of the election). He noted the reasons he previously owned it for 'might be ending.'
Druckenmiller also added, "If it wasn't for the messy conflict of rates rising with the stronger economic growth through fiscal policy, I would think there's so much low hanging fruit in terms of deregulation and tax reform, we could get a jolt of 4 percent growth for about 18 months."
That said, he's also cautious that interest rates rising could push that down to high 2, low 3 percent growth. "I think the market is going to force this. The market is going to push them to raise interest rates if my hopeful scenario turns out to be right."
He’s the hedge-fund titan who dumped his holdings of gold the night before Donald Trump was elected president.
Well, Druckenmiller is back and now he’s bullish on the yellow metal, and that may be a telling piece of news for investors making bets that the Dow Jones Industrial Average, S&P 500 index and the Nasdaq Composite Index will continue to maintain cruising altitude in record territory.
In a Bloomberg interview on Tuesday, Druckenmiller said he dipped back into gold in December and January. His rationale is fairly simple. “I wanted to own some currency and no country wants its currency to strengthen,” He continued: “Gold was down a lot, so I bought it.”
In Q4 2016, Duquesne opened a $134 million long position in the iShares Russell 2000 Index (IWM). IWM is an exchange traded fund (ETF) that tracks the price of the Russell 2000—the bellwether US small-cap index. This position is their largest single holding, representing 13% of the total portfolio.
Given small caps are up over 17% since November, are they something retail investors should consider?