Billionaire Stan Druckermiller: From cryptocurrencies to meme stocks to bonds, everything is in a bubble
Billionaire investor Stan Druckermiller has warned the public that things are in a bubble, especially when it comes to cryptocurrencies, meme stocks, common stocks and bonds.
Billionaire investor Stan Druckermiller
Stan Druckermiller Warning: All assets are in bubbles
“Bubbles exist in everything, every asset on the planet,” he said.
Stan Druckermiller spoke about the bubble and the investment landscape during a conversation with American billionaire and hedge fund manager Seth Klarman at the Boston Investment Conference last week. Druckmiller is President and Chief Executive Officer of Duquesne Family Office LLC. Previously, he was a Managing Director at Soros Fund Management with overall responsibility for funds with the highest investment value of $ 22 billion. His net worth is currently $ 6.8 billion, according to Forbes’ billionaires list.
Klarman, CEO of the Baupost Group hedge fund, asked him: “If the bond market is what everyone is interested in and it’s in a bubble, then everything is a bubble, that could be the case. Is that fair?” And Druckermiller replied as follows:
“Yes, cryptocurrencies, meme stocks, art, alcohol, common stocks … This bubble is in everything, every asset on the planet.”
The current bubble, stresses Druckermiller, is not a narrow bubble like the dot-com bubble.
“Everyone is trying to compare this to the previous bubble. It’s a tech bubble and in some ways a well-deserved one because the market envisioned it 20 years before the network effect and has 2 billion customers. But it’s a very, very tight bubble. “
Klarman also asked if something was out of the bubble and undervalued. The President of the Duquesne Family Office replied:
“You are a value investor, I am not. I don’t know what value means. I’m sure there is value, but I can’t see what it is, it really isn’t my methodology. “
“Every event in the world affects safety and I try to imagine the world as it is today and then see if there are any seismic changes. And what will happen in the next 18 months? And if so, how are the securities valued very differently than they are now? “
Druckermiller announced last November that he owned Bitcoin, noting that the cryptocurrency is an attractive store of value that can beat gold. In June of that year, he shared how to invest millions in BTC after receiving a call from billionaire hedge fund manager Paul Tudor Jones. Jones himself said last month that he prefers Bitcoin to gold because it acts as an inflation hedge.
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