The big news out of the Sohn Conference yesterday was Stan Druckenmiller’s appearance. Some of the revelations were new and some not so new but all were unequivocal.

Let’s start with the not so new:

Here’s what is new:

  • Druck says the Fed has “no endgame” and is now “raising the odds of the tail risk its trying to avoid.” (via Jenn Ablan)
  • The stock market has now “exhausted itself” and it’s time to “get out.” (via Josh Brown)

Could he make it any plainer than that?