Druckenmiller Says He's Had Worst Year Relative to Opportunities
(Bloomberg) -- Billionaire investor Stanley Druckenmiller, who boasts the best long-term record in macro investing, said he’s having a tough time this year.
“It’s probably the worst year I’ve had relative to the set of opportunities out there," Druckenmiller said in a CNBC interview Tuesday.
The famed money manager, who was the architect of George Soros’s $10 billion trade shorting the British pound in 1992, said that while he’s done well in stocks, he’s "really, really mistraded macro," and that 2017 may turn out to be his first ever down year in currencies. Druckenmiller said he’s up single-digits this year.
Druckenmiller also weighed in on bitcoin, saying people are overlooking the amount of energy it takes to mine the cryptocurrency.
“I find it interesting that most of the people in bitcoin are climate people, they’re West Coast people. I don’t quite get the connection," he said. "We’ve got this rogue currency that we’re all going to support that’s destroying the climate in some extent, but whatever.”
Bitcoin as well as art, wine, equities and credit are all "one way up." There are huge distortions in markets, he said, "all in the name of this 2 percent inflation target."
Druckenmiller also said he’s bullish on Tencent Holdings Ltd and Amazon.com Inc.
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