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Druck gave an interview yesterday at the DealBook conference. There are two major takeaways for me from the video above:

  • The greatest hedge fund manager of all time is now operating under the assumption that a primary bear market began in July.
  • Due to the massive misallocation of capital in recent years and the long-term demographic headwind going forward, normal investors should probably be in cash.

Bonus takeaway: He’s very open-minded about all of his views and easily changes his mind. This is the sort of flexibility that underpins the success of all great investors. That said…