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…
— Kelly Evans (@Kelly_Evans) November 3, 2015