This hedge fund manager completely missed the mark this year. “I couldn’t have been more wrong,” he said.
Key Points
Stanley Druckenmiller says he did not take enough risk in 2019 and thus was unable to fully capitalize on the stock market's blistering rally.Earlier this year, Druckenmiller said he sold everything and loaded up on Treasurys after President Donald Trump sent a tweet in May that increased U.S.-China trade tensions. Prior to that, he had been "93% invested in the market.
It's impossible to read the capital markets landscape correctly consistently, but hedge fund manager Stanley Druckenmiller was thought to be among the best at it. He completely missed the mark this year.on Wednesday that he did not take enough risk in 2019 and thus was unable to fully capitalize on the stock market's blistering rally. In fact, he said the Duquesne Family Office's returns just reached double digits last week.
Worries over U.S.-China trade have subsided for the time being after both sides reached a so-called phase one trade deal last week. The move caused stocks to surge to records and bond prices to fall, working against the position Druckenmiller said he took."I couldn't have been more wrong," Druckenmiller told Bloomberg News, noting he "pivoted before it mattered." He later added that he was positioned "very timidly" heading into 2019.
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