Druckenmiller on 2020 Outlook, Monetary Policy, U.S. Election
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- Опубліковано 5 вер 2024
- Dec.18 -- Billionaire investor Stanley Druckenmiller discusses his economic and market outlook for 2020, the direction of monetary policy, and the upcoming U.S. election. He speaks exclusively with Bloomberg's Erik Schatzker in New York.
One of the rare interviewers who asks interesting questions, understands what he’s asking then shuts up so the guest can speak - well done
@Ranjit Chakravarty Please elaborate
MrPractical wacc cost of enrty
Watch David Rubenstein interview on Ray Dalio, he did the opposite of this interviewer.
You should check out Real Vision. They do amazing interviews. Here's one with Druckenmiller and Kiril ua-cam.com/video/G-MlrpoMig0/v-deo.html
Mutual respect as we should always appreciate, and I guess the host indeed appreciated the views from Mr. Druckenmiller.......
This interviewer did a fantastic job. Well prepared, asked great pointed questions. respectful. Good job bloomberg
you sound like a paid troll. No one really talks like you.
crossing I wish. Who do I have to contact to get the check? I’ve watched interviews where they talk over the other person, they don’t ask pointed questions that the audience wants to know the answers to and it’s a complete waste of time and I call those people out. I found the opposite to be true here and I commend that and hope the executives see that and produce more content that way
Yeah - I thought the interviewer was actually better than the interviewee - in much the same way a good jockey can still win on a slower horse 😎
My question would have been...How can you have capitalism and a free market if interest rates are being suppressed ? Is not this economic policy giving money to the top through thestock market by borrowing from the future ? I have some question's for some of his answeres. He seemed to be double talking. I could create a lot of jobs to if i was getting free money borrowed from future generation's. But ultimitly and obviously there is a problem with that model in the future.
muddyriverdogz your correct in your question, although I’m not sure if your being rhetorical. Manipulating interest rates absolutely distorts capitalism and allows money to go into places it normally otherwise would never go causing mal investments on a grander scale
“That’s very good”
Stanley’s dry humor is hilarious
He was so funny
That’s why I respect Druck more than any investor. Still has the guts to bash the media.
Hahaha.... I couldn't believe he said that. That was awesome! Hahaha... The look on the interviewers face was priceless, Hahaha....
@James Zell White collar criminals
oh poor billionaires boo fucking hoo
What class. Im such a fan of Drukenmiller sir. What an incredible person. My role model.
Interviewer is really good here, way to let a legend talk!
Legend? Laughable.
@@somchai9033 I assume you know nothing. Only the best .01% of money managers can do 30% annualized for decades.
Spot on about Powell. Rare to hear an honest assessment of Powell’s clumsy maneuvering
Not quite spot on. Spot on would be: “ every fed chairman and member should be in jail for counterfeiting money” that would be more spot on
@@NoBody11010 YES Indeed
My favourite interview of the past 8 months. Stan Druckenmiller is such a great guy!
First time I've viewed an entire interview of Stanley Druckenmiller. I have massive respect for him. Thanks for your insights.
30% compound annual returns for 38 years - I listen to each interview he provides
same
He used 4x1 leverage. Do the math and his picks made the market average, minus the dividends.
30 net, 40 gross
yup and i wait for months for another one. seriously i wish he interviewed more
Well technically the 30% annually without a down year was for his "competing" 30 years as a fund manager before the family office
Ive listened to this three times and it keeps getting better.
Good interview, none of the incessant interruptions like some other 'interviewers' like to do.
Donuts I remember when I learned the word incessant and wanted to use it all the time to sound smart too
@@actualideas8078 im going to use it all the time from now on. Incessant.. That sounds snarts. I mean smarts
Robert Brawley try the word pernicious. I learned it from this video.
Quit being assholes.
great interview and interviewer - "there is nothing wrong with deflation if it is driven from the supply side"
This interview was before the global Coronavirus pandemic. So, by taking everything Druckenmiller said plus ongoing pandemic, you still end up with:
1. Rates will go even lower (negative rates possible now since it's already at 0)
2. Short developing currencies & CAD, AUD, EUR, Yen
3. Long (or sideways) Stocks given Covid19
4. Short Treasury, Cash, Bonds, anything Fixed income
druckenmiller is a very sobermiller.. he needs to teach us youngmillers how to run the game in various environments.
This dude is awesome. Honestly agree on almost everything. Good for him and his success.
Perfect level of tension in this interview to draw out some good insight from a smart guy.
5 months on , how did you do?
@@Malisti04 Still too early to call.
This guy is the god of trading (not investment). He is long things that go up, and short things that go down. Period. Completely unbiased. He may have a long term personal opinion, but it does not affect his positions.
I mean he's not wrong about markets ... but markets are distorted and owned by the Fed and other central banks now. That's not a functioning free market capitalistic society, it's socialism for those with financial assets (the rich) and pittance for the rest. Yes, pension funds too but this is what happens when you borrow from many decades ahead for today's gains. The corruption and greed feeding these markets is more palpable than ever and while you can be grateful for your gains you should at least acknowledge that they're being made on the backs of poor shmucks struggling to make ends meet.
If free market come it will delete the whole system. Prices will fall and people with assets will get crushed big time. So it ain't that simple
@@kirilmihaylov1934 Free markets only exist in the minds of the believers.
@@jazzypoo7960 true that
If you truly believe that these gains are being made on the backs of the poor than you are truly stupid. Poor people are poor because they lack the IQ to handle money efficiently. You can give 10 poor people 1 million dollars each and in 5 years they will end up poor again. If you take all the money away from 10 rich people and give them $1000 each, in five years those people will likely become rich again. Truth is rich/poor is more mental than physical. Money runs out eventually but rich people are experts in creating more wealth where as poor people are experts in wasting wealth.
So the guy who can't spell "then" or "whereas" is calling someone "truly stupid" and lecturing about IQ. This explains our world right now.
I loved this interview and he has his heart in the right place. However, obviously this guy is insulated from reality of what used to be the honest and hardworking middle class guy who now works a 60 hr workweek and still needs to be on food stamps to house and feed his family. Shifting almost all of the tax burden from corporations to middle America over the past 20 years has been an unmitigated disaster. We have created a "two state" system now of the wealthly and the poor America - literally destroyed the middle class. These are facts that cannot be denied. Walmart gets tax breaks for paying their employees slave wages and then we turn around and "pay" their workers with food stamps to make up for it- this is insanity and people will not put up with it. Trump was the first knee jerk reaction to people feeling that no one is listening in DC- unfortunately he is a con man. The next election will see more drastic changes until we fix the system rigged for the corporations and the wealthy- it's that simple.
Kevin Blake all of this! The middle class has been long dead, people need to wake up.
Great interview. Interesting to look at it 2/23/21 after watching Mr.Druckenmiller recent interview on GS.
"Let's talk about your favorite currency" :D - That made him really happy hehe
When’s this guy going to run for President? Shows that there are good fair people out there that would never run because of how we treat the good guys in politics. We deserve what we have and the competition we see if we do not start to show respect and tolerate other opinions.
Brilliant man. Excellent interview. Thanks
“How are you adapting?”
I wonder how much gold he has in his “personal” portfolio.
Really like this guy, he speaks a lot of sense.
Brilliant as always, Stan openly discusses his positions and why more capitalism might be the solution to our problem. Stan’s simplicity and clarity in his views about macroeconomics truly amaze me considering how complicated some these issues can be. One of the GOATs for sure.
Towards the end when the topic becomes more political
Druckenmiller: here’s the facts
Interviewer: but what about the feelings of people who disregard facts?
Aaron Venema facts don't matter with irrational voters
I like SD as a person, but believe that he cherry picks his facts from time to time. Being a Bloomberg stooge of course the interviewer reinforces heir/heiress dominance philosophy. "For nothing can seem foul to those that win."
89879237 4583475623 - yeah, he says the middle class has never been better. While at the same time he admits real inflation is higher than the CPI. When you factor in real inflation the middle class has been obliterated over the past 30 years. Which I mainly blame on communism (the central bank)
89879237 4583475623 I agree, Ray Dalio published a great article in LinkedIn explaining the causes and evidences of the current wealth gap. If you haven't read it, check it out.
@@ianzeta8839 I think they are just multi-facets. The 'real' inflation on the middle class has gone worse over a few decades but at least some facts might indicate the middle class is doing better than the previous worst scenario.
Stan seems to have less interest and intent than Ray to do PR stuff. Ray has skin in his PR and he showed up in numerous talks with the same points repetitively. Ray's concern could be legitimate, but a greater issue is that we don't have a closer look at the facts. Thomas Sowell's work clearly suggests some objections to Ray's conclusions. And it is very likely that it can be another story of narratives versus truth. Gap is just the beginning of the story, not the end. But it is a powerful trigger to signal another undue public rage.
My takeaway from this is there's a crash coming the likes of which we've never seen. But until then, party like you're in the penthouse of the Titanic.
Best comment ever!!
Wait until after the election though unless you think the socialist wing is getting in.. in which case get out as soon as you can!
Stuart Clark it’s all the same.
well that's always the case really. anybody can say that.
welp. crash has arrived
Druckenmiller, a wealth of insight shared. So many take aways, really appreciated the interview.
Yes, it seems that we are borrowing from the future to pay for our current prosperity. How long can it continue? Prolonged, low interest rates are creating imbalances that will eventually lead to economic disruption.
Sacrificing the future generations for today's old people.Eating the younger generations lunch.
so use weimar republic as a template on what's to come
SPOT ON STAN>>>>>Help the early years of children and you change the entire society.
Help? How about stopping the war on men and families.
@@scottlogiudice You dont get it.
Phenomenal interview. I don't agree with him on everything, but even he is quite open to the fact that he may need to change his opinion given new data/perspectives in the future. One of many things I definitely agree with him on is that there is a better shot of truly uplifting the poor/struggling with more effective capitalist approaches than by abandoning capitalism completely. What's needed is for more people to have access to the benefits of capitalism, not fewer!
Congrats to the interviewer, quality work!
And yet another person who confuses state sponsored crony capitalism with “capitalism”.
Privatizing the profits and socializing the losses is not capitalism.
We are near a financial reset the only question is a year or ten.
What a breath of fresh air. Saying what we all think.
If this guy lives as long as Buffett, he has the potential to surpass his net worth. He is so smart and so dry, and he plays it down....I learn something new every time listening to him, absolute class act
Good interview.....knowledge and insights are free flowing
@AminAaaahh...Now I know where u get all that financial strategy from....😂😂
captivating interview. Great questions across the board.
Excellent Interview. Well done Erik Schatzker!
Its always easier to lose other people money … TRUTH!
good interview...erik has really improved in this area...as for drunkenmiller, he is always worth listening too...
Can anyone explain the alarming rise in homelessness given the decrease in the percentage of people living in poverty? Is is just a reflection of the increasing population?
Yes, those poverty stats are B.S....
Many reasons, but imo it’s largely a cultural failure. People with intact supportive families don’t fall into abject poverty, don’t get into drugs, and failing all that, have people to fall back on to get them back on their feet.
Great point!
I love this guy
He stated last year that ¨the fed should tighten until it hurts¨ last year.........no courage from the fed. Monetary policy is the worst the last 20 years. Greenspan started it, Bernanke continued, Yellen did nothing and Powell has dinner with trump once a month. Easy money always ends up in tears.
Great interview. Watched it all the way.
Great interview. Can’t agree more on most of his points
great show and thank you for doing this, great work ... jan 9, 2020 thu; just bought GOLD $1550 BTC $7900 and UBER $32
Excellent interview. He is humble and thankful, and dealing in facts not political proselytizing.
I respect his views
Guys, seriously, a mini stool for a 50 minute interview of an old billionaire. Why not add torture spikes?
I thought the exact thing. Terrible comfort prep
Erik greatly improved his interviewing from last time. Good job man.
Y'all- invest your money in small local farmers. Better food equals better people. Talk about a good long term investment... Thanks Bloomberg great great interview.
And look where we are just 3 years later. Gear up folks
With the multitude of homeless (downtown Los Angeles has 17,000 people in that encampment) I am highly skeptical we have a poverty rate of 13%. There’s some misinformation, manipulation of the data or out and out lying going on somewhere.
How can they raise rates since the government the can't afford interest on the debt?
The Banks are privately owned
Druck is always smart but i am 11 years older than he is and i AM afraid of this economy and can not go long on equities.
So you're short your whole US position? I'm 80/10/10 real estate/equities/cash so not a big stock market follower :P
No offense intended, but if you're 77 you shouldn't go long on anything.
@@Re3iRtH He most likely is invested on short reserves or money market.
you are right about not going long on anything at age 77. the problem is that you have to keep your money somewhere. i am long cash and gold.
Jerry Friedman always keep your money in assets trending up. This means stocks now, regardless of your age.
Bring Stan Druckenmiller back on to ask about coronavirus. Also, Stan Druckenmiller needs a twitter. cuz we all wanna know his thoughts
What a gem of an interview with a genius.
put speed to 1,25 🙏
Or work on strengthening your attention span
Dividend Income
I know, right? Lol
Ya all know that low interest rates, inverted yield curve and bubbles bubbles everywhere indicates an economic house of cards. He’s ripping us off and talking about it like he’s a hero.
Stan what about Austrian Economics? What about separating money from state/central/socialism banking? How can we get an accurate measure of price when there's an overarching money printer pulling all the levers???
Such a good education on impeachment and the fundamentals of our US democracy. Democracy is not just a system, there has to be a set of common judgements among the majority of its people. No system is perfect. God bless America!
Excellent presentation. Very likeable guy with pretty succint information. Thank you.
"We're close enough to election I dont think he'll do anything too crazy" :: declares war on iran the next month ::
😂😂😂
Dumbass reply IMHO. The terrorist, named by Obama, UN, The World has been blowing up people and Culture since the 1980's. What u saw was elimination of scum, prearranged and ok'ed by 🇺🇸 retaliation by Iran. 80%+of population want regime change. He didn't do that. I am Independent, but time to give Orange Man bad is credit. The guy is getting it done for the World. Stopping China and Sharia Law in USA alone should make him best President ever. It's not a personality contest, it's production.
Hired to make 🇺🇸 1st and doing it.
@@darrellhiatt6500 Hows it smell up there in that fat man's ass dumbass?
When it comes to global markets, maybe the reason the US is still rising while everyone else is sinking, is solely
because of tax breaks for corps that then in turn buy back there own shares. So in reality the market has long
since stopped rising, and it is simply government handouts to Corps that manipulate what you are seeing, when you
think you are seeing a rising stock market. What happens when the Corps stop buying their own shares?
Highly skeptical of the references to middle class and lower class "data" which is frequently manipulated, better data would consists of credit defaults, +90 day lates on payments. Middle class is not doing well and obviously homelessness wouldn't be increasing at an alarming rate if the lower class was doing well. Did find some value in this but Druckenmiller is still very far removed from actuality.
I put this on 1.25x and he still spoke slow haha
As a Trump supporter I completely agree with Stanley. If Trump pushes for negative interest rates he'll have lost my vote. We don't need to be like Europe. We need to get back to being like the United States.
How can you support a man who bashes a dead man, John McCain? Would you want to be friends with a guy like that?.
@@spenser6353 john wet start mccaine was a traitor, I spit on his memory and his pal Baggdaddy. Trump knew it too.
Spencer Dassy John McCain was a treasonous, war mongering traitor. He’s watching all of this from hell paying for his sins for eternity
Nort Trump said he wanted to lower rates, because they raised them 5 times in 3 years! When they didn’t raise them at all for 6 years and Trump never said he wanted negative rates.
Pro tip: If you want intelligent people to read past your first sentence, try not to lead with "As a Trump supporter..."
Before you talk dirt about these trading greats. You should do some research and see how much of their fortunes they have given away for wonderful causes. How many billions of dollars have any of you donated? And could you go to a job without guaranteed pay or the possibility you could lose money?
love this guy, very composed!
middle class and poor are NOT doing well.
frick yeah more Druckenmiller
Stan says buy British! 🇬🇧
Stan's got gold!
This is one of the many subjects on finance, stocks and markets, they talk for hours without letting you understand anything. Both the speaker and interviewer try to show that they understood each other. Doubt it? replay and listen again and again.
Outstanding interview, I'm suprised that it seems Druck has ditched gold for copper
. . the UK will now go from strength to strength . . . He is right . . .
Druckenmiller ! Good name for this dude!
Voice of reason
Food prices rises are coming
So money stops being the drug of choice
Andy Gratton there here.
feel sorry for the information left out
I love how Stanley can act out his inner Hischer Booptrunk
on Bloomberg's cast of characters
He doesn't talk about infatuation the devaluation of money
Please inform the host of the difference between imply and infer.
this year Bloomberg is not interviewing Stanley?
great interview with one of the investment greats :D
I truly enjoyed this.
f.scott fitzbeagle that was funny as heck . And I laughed my but off when I seen this comment 🤙🤙🙋♂️
Middle class is doing well...68% of US people can not save $1000...it was 57% last year. This guy is totally wrong about the reality.
source, how can that be true?
JP From Zero hedge. 45% has no saving. 23% has 0-1000 savings. 12% has 1001-4999.
kang shinok The only thing working for middle class people is there 401k retirement accounts if they have one or the appreciation on their house. Otherwise cost of living, particularly housing, consumables and education is rising at a much accelerated rate than what the Federal Reserve and these so called Pseudo Economist convey the actual inflation rate transpires to be.
Mike Alpina Sorry, unfortunately 401k is going to be eaten away by inflation caused by FED moneytizing government debt for the next decade. Just live simply and save hard into undervalued real assets like precious metals.
Always a joy to hear one of the great greats speak.
It's all about confidence . Just don't drop the ball and you'll be OK . Take Care All
Did he have a stoke recently?
A few years ago.
okay! I didn’t notice in his previous interviews. Good info regardless
I don't think so. I think its more of a "lazy eye". Here is a 1994 interview, you be the judge. ua-cam.com/video/P7NxHdb4Fp4/v-deo.html
One of the only guys that really dislikes Trump that has a rational argument.
The middle class is looking poorer to me.
Stan is a hero of mine. Someone I always admired much more than any of the other financial guru's. He is intelligent enough to know that this market is not made up of proper fundamentals and hence how do you weight your positions? The bigger problem is "how" these bubbles are made. They are created on debt and only serve to make the rich richer. Hence the 1.2 Trillion of new wealth created for the 0.01% in 2019 while the rest struggle with debt burden living paycheck to paycheck to make ends meet. There is a huge debt problem. He doesn't think as bad as 2008? Perhaps but that is because the hedge funds and banks bought all the shadow inventory of homes that they now rent out. Credit card, Student and Car Loans are much worse.
I would love to see Ray (Dalio) and Stan debate income inequality in the US
The problem is that we do not have true capitalism (as he alludes to) - we have central banks (not subject to audits) which control the economies (like planned economies in communist states) and they are setting policies that are not no longer true to capitalism.
(The real powers that control this pyramidal system are a very dark force. They have esoteric knowledge and so the real game is ultimately a spiritual one - to prevent the masses from awakening to their true nature as a spiritiual being of light incarnated for the purposes of self-realisation. The energies we create in the Universe are balanced out and so we hold the key to our happinness and so "they" have programmed our sub-conscious minds to keep us ignorant of this truth.)
This man just seems to feel that the dices are tricked. He’s certainly right!
Great interviewer