Categories





The Phaserl






AvatarProducts



TheLibertyMill


Soros Lost $1 Billion Following Trump Election

from ZeroHedge:

While Carl Icahn infamously made a killing following the “surprise” Trump election, another prominent hedge fund manager was not nearly as lucky. According to the WSJ, “George Soros lost nearly $1 billion as a result of the stock-market rally spurred by Donald Trump’s surprise presidential election.

Which, of course means, he only has $29 or so billion left.

As discussed in 2016, Soros returned to trading at Soros Fund Management LLC, which manages $30 billion for the Soros and his family. At the time, “Soros was cautious about the market going into November and became more bearish immediately after Mr. Trump’s election, according to people close to the matter.” In retrospect, that clearly proved a mistake as the market rallied on expectations that Trump’s policies will boost corporate earnings and the overall economy, even if such expectations may end up being premature. To be sure, Soros wasn’t alone as many other experts had predicted a tumble for stocks in the wake of the election, but instead the Dow Jones Industrial Average has climbed 9.3%.

As a result, the WSJ reports that Soros incurred losses approaching $1 billion. Mr. Soros adjusted his positions and exited many of his bearish bets late last year, avoiding further losses, the people added.

The broader portfolio held by Mr. Soros’s firm performed better, posting profits before and after the election from long-held investments in sectors including financials and industrials, according to people familiar with the firm. Those gains helped Soros Fund Management gain about 5% on the year.

Meanwhile, Soros’ former protege, Stanley Druckenmiller, who publicly changed his dour outlook on the economy following the Trump election which he said would prove positive for stocks and the economy, did far better, “and racked up sizable gains, according to people close to the matter.”

Mr. Druckenmiller, who left Mr. Soros’s firm in 2000 and now invests his own money, took a very different stance on the presidential election.

Days before the election, Mr. Druckenmiller predicted to an investor that if Mrs. Clinton emerged victorious the stock market likely would rally initially but then would fall. Mr. Druckenmiller said if Mr. Trump won the election, the opposite result likely would occur—stocks first would tumble and then soar. Mr. Druckenmiller’s call was prescient.

Read More @ ZeroHedge.com

Help us spread the ANTIDOTE to corporate propaganda.

Please follow SGT Report on Twitter & help share the message.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>