15 January, 2017
Druckenmiller was instrumental in Soros' big bet against the the British pound in 1992, racking up $1 billion in profits. But there's one thing he didn't see coming: that the American people would elect an impetuous poster child for bad toupees to be their next president, and that the markets would like it.
Billionaire George Soros, a major Hillary Clinton supporter, lost close to $1 billion in trades by betting stocks would collapse after Donald Trump's stunning victory in November, it was reported Thursday.
As a result, some of Mr. Soros's personal trading positions incurred losses approaching $1 billion...
But despite the loss, Soros Fund Management gained 5% for the year.
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Despite many experts predicting stocks would tumble, the dollar hit a 13-year high following Trump's election victory. Mr. Soros adjusted his positions and exited many of his bearish bets late a year ago, avoiding further losses, [sources said].
Mr. Druckenmiller, who left Mr. Soross firm in 2000 and now invests his own money, took a very different stance on the presidential election.
Druckenmiller, who spent $3.5 million on donations to Republicans - a small amount compared to Soros's $20 million in 2016 - "scored gains of more than 10% in 2016" through his own firm, the Journal reports. More specifically, the bearish moves in stocks, U.S. dollar and commodities in response to FBI's letters to Congress on Clinton's email probe suggested that markets were likely to react negatively to a Trump electoral victory.
As Peter Thiel told the NYT last night, many of Trump's former hedge fund foes turned quite friendly as a result of the market rally that followed: "There were hedge fund people I spoke to about a week after the election". What moves the stock market?