Billionaire Druckenmiller changes Investment Strategy due to Election result

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Wealthy investor Stanley Druckenmiller, founder and previous chairman of Duquesne Capital reported on CNBC’s “Squawk Box” interview announcing his optimism for the future of the U.S. economy. In the interview he said, “I sold all my gold on the night of the election.” Previously, Druckenmiller has had a negative outlook on the country’s growth, but stated, “It’s as hopeful as I’ve been in a long time.”

“This is the greatest chance” to get tax reform and regulation passed, said Druckenmiller, who did not favor either of the two presidential candidates. He had reiterated his position on shorting global bonds. He anticipates interest rates to rise but added that the Trans-Pacific Partnership free trade deal is good for business even though it is opposed by Donald Trump.

Jack Ablin, Chief Investment Officer of BMO Private Bank said, “It was an orderly sort of trade.  Small caps outperformed larger caps.  Domestic outperformed international.  Interest rates – this was a blood bath in the bond market.”  “It was far from what I suspected.  I thoguht it would be mostly point-and-click orderly sell-off today.  It was an orderly trade all day.”

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