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…
"I could see myself getting really bearish…I can't see myself getting really bullish." -Druckenmiller @dealbook @CNBC
— Kelly Evans (@Kelly_Evans) November 3, 2015