So hold on
Here we go
To nothing we know
When it comes to investing and market knowledge, who do I regard as the smartest guy in the room? Quite possibly legendary hedge fund manager Stanley Druckenmiller, whom these pages have discussed various times. At a recent investment conference, legendary Druck delivered a presentation entitled "The Endgame." ZeroHedge has published it along with his slides. I plan to read it several times.
In a nutshell, Druck highlights the absurd policies of Federal Reserve and of China that have resulted in reckless investment behavior, financial engineering, and overleverage. He believes that TINA (there is nothing alternative) attitudes with respect to investing in equities are wrong, and that global equity markets are in the process of topping in preparation for a major trend change. He likens this period as the mirror image opposite to the bullish investment set up in the early 1980s.
He finishes with tip of the cap toward gold, noting that "we regard it as currency and it remains our larges currency allocation."
Druckenmiller is prepping for the endgame.
position in gold