Druckenmiller: I’ve made 3% in the 40% rally from the bottom

What the legendary investor sees next

What the legendary investor sees next
Stanley Druckenmiller is arguably the greatest macro investor of all time. His record of 30 years straight of 30% returns is nothing short of legendary.
Yet Druckenmiller has never seen a market like this.
“I was up 2% the day of the bottom, and I’ve made all of 3% in the 40% rally,” he told CNBC today. “I missed a great opportunity here. It won’t be the last time.”
His humility and patience are a great lesson but his comments are a reminder of how difficult this rally is to believe in, and how much money might still be on the sidelines.
“I had long-term concerns for the last few years that because of easy money, too much debt was being built up in the corporate sector,” Druckenmiller said. “When Covid hit, I was pretty much of the view that there was a good chance that the credit bubble had finally burst and the unwinding of that leverage would take years.”
In May, Druckenmiller said the risk-reward in equities was the worst he had ever seen and he still says he has the least growth in his portfolio over the past 6-7 years.
One thing he says he underestimated is how far the Fed would go and said there could now be a ‘breadth thrust’ that carries equities higher.
With that, S&P 500 futures just crossed into positive territory year-to-date.