‘Rich Dad Poor Dad’ author Robert Kiyosaki expects a market crash and economic crisis — and plans to buy gold, bitcoin, and real estate when prices tumble

"Rich Dad Poor Dad" author Robert Kiyosaki
Robert Kiyosaki.

  • Robert Kiyosaki expects markets to crash and the US economy to slump into a depression.
  • The “Rich Dad Poor Dad” author plans to buy bitcoin, gold, silver, and real estate once prices fall.
  • Michael Burry of “The Big Short” and GMO boss Jeremy Grantham also see a bubble about to burst.

Robert Kiyosaki warned investors to brace for a sweeping market crash and painful economic downturn, and signaled he’s planning to scoop up several assets once prices plunge, in a tweet on Thursday.

“Crash and Depression coming,” the “Rich Dad Poor Dad” author said. “Gold, silver, bitcoin, real estate will crash too.”

“Ready to buy more gold, silver, bitcoin, real estate after crash has crashed,” he continued. “Be aware. Take care.”

Kiyosaki has been tweeting about an impending crash for more than a year, so the personal-finance guru’s latest warning should be treated with skepticism. Yet it’s worth noting that unlike some other bearish commentators, he freely admits that he intends to capitalize on the next sell-off, and frames it as a buying opportunity as well as a worrying prospect.

“The good news is the best time to get rich is during a crash,” the founder of Rich Global and Rich Dad Company tweeted in June this year. “Bad news is the next crash will be a long one.”

Unlike Michael Burry of “The Big Short” fame, who took a knife to his stock portfolio last quarter in anticipation of a market crash, Kiyosaki appears to be snapping up assets even at current prices.

“I am buying more gold, silver, bitcoin, ethereum, rental real estate, and oil,” he tweeted last month. “What are you buying?”

Kiyosaki, Burry, and GMO cofounder Jeremy Grantham are just some of the high-profile commentators sounding the alarm on the current market and warning the bubble is about to burst. Billionaire investors including Leon Cooperman, Stanley Druckenmiller, and Charlie Munger — Warren Buffett’s right-hand man — have also warned the speculative frenzy won’t last.

Read more: JPMorgan markets guru Marko Kolanovic unveils his 20 global ideas for investors to maximize their returns in 2022

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Cathie Wood defends her beaten-down portfolio and estimates Ark fund’s returns will quadruple in the next 5 years

Cathie Wood of Ark Invest
Catherine Wood, chief executive officer and chief investment officer, Ark Invest, speaks during the Milken Institute Global Conference on October 19, 2021 in Beverly Hills, California.

  • Cathie Wood’s Ark Invest has had a tough 2021, with its flagship fund down 19% year-to-date.
  • Wood is sticking by her strategy of investing in innovation stocks, according to a CNBC interview.
  • “Our 5-year compound annual rate of return expectation has gone from 15% to nearly 40% today,” Wood said.

Investors in ARK Invest funds have had a tough year as innovation stocks correct, but those losses could turn into big gains over the next five years, Cathie Wood said on Thursday.

ARK Invest’s flagship fund is down 19% year-to-date and has fallen 36% from its record high reached in February, while six out of Ark’s eight ETFs are down on the year. Even with the steep correction, many innovation stocks are still trading at lofty valuations, leading some to believe that Ark’s innovation stocks are in a bubble.

“We couldn’t disagree more,” Wood said in an interview with CNBC on Thursday, defending her strategy and arguing that her stocks are not in a bubble. “What I like about this period is many people are saying those stocks were in a bubble and they deserve to correct. That tells be we are nowhere near a bubble,” Wood said.

“We have seen such a correction, primarily in innovation stocks as the market scaled to all time highs, that based on our estimates, our 5-year compound annual rate of return expectation has gone from 15% at the peak in March, to nearly 40% today,” Wood explained.

That compounded annual rate of return means Wood now expects Ark’s innovation stocks to quadruple from current levels over the next five years. Names in Ark’s portfolio that have recently seen big declines include Docusign, Twitter, and Teladoc

Five “major” innovation platforms that involve 14 different technologies will drive those expected sky-high returns, as Wood believes they are all beginning to move into exponential growth trajectories.

“And they’re converging. If we’re right that autonomous taxi networks are going to evolve during the next five to ten years, then that involved the convergence of three major platforms: robotics, energy storage, and artificial intelligence. And all of them are scaling dramatically,” Wood explained.

Wood explained that the seeds driving today’s technology innovations were planted during the dot-com bubble 20 years ago, and they’re finally beginning to bear fruit.

“Now they’re about to flourish and people are running away. They ran towards them way too soon during the tech and telecom bubble, and here we are, ready for primetime, and we got all this fear and uncertainty and doubt. As a portfolio manager, I actually love that backdrop,” Wood said.

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Jeremy Grantham keeps warning investors about a bubble in green stocks — but he’s staying invested as his holdings soar

Jeremy Grantham
Jeremy Grantham.

  • Despite warnings about an ongoing bubble in the stock market, Jeremy Grantham is staying invested in one of the most speculative areas of the market.
  • Grantham has invested much of his wealth in green investments and made big money in profitless companies like QuantumScape.
  • “There may be a bubble that will affect this for a year or two, but it will come back bigger and better than other groups,” Grantham told Bloomberg.

Billionaire investor Jeremy Grantham has been warning about a bubble in stocks for years, but that hasn’t stopped him from investing in one of the most speculative areas of the market known for being years away from profitability.

For years, he has been putting much of his wealth in green investments that are tackling the big problem of climate change — and in the process, he’s made a lot of money.

It’s an unexpected path for a long-time value investor who is often more focused on cash flows, profits, and valuations rather than the long-term potential of a technology. Now, Grantham is investing in risky green-focused SPACs and early-stage venture capital that has no doubt benefited from the ongoing rise in stock market valuations.

In other words, he is benefiting from the same thing he has been worried about for years: a potential stock market bubble. 

But given the threat of climate change — represented by ongoing wildfires, floods, and extreme weather events — along with the likely response from policymakers in the form of carbon taxes and other climate-friendly legislation, the investments make sense to Grantham.

“This is going on as far as the eye can see. It’s an unfair advantage for green investing. There may be a bubble that will affect this for a year or two, but it will come back bigger and better than other groups because of this tailwind. This is going to be the most important investment theme for the rest of your life,” he told Bloomberg.

About half of the $1.4 billion in assets Grantham manages across a foundation, charitable trust, and his personal holdings is slated for green venture investments, according to Bloomberg. In particular, he said he is looking for “neglected climate opportunities” that “have the potential to change the world.”

The investments made by Grantham are paying off. Over the past decade, he said his venture-capital portfolio has returned 19% annually, helped in part by a 102% surge in 2020. The gains were driven by an early-stage $12.5 million investment in QuantumScape, which went public via SPAC last year and delivered a surprise windfall for Grantham.

His second-largest direct investment is Greenlight Biosciences, which is working to turn RNA molecules into an environmentally friendly alternative to pesticides. Greenlight said in August it’s going public via a SPAC merger.

But many of Grantham’s early green investments didn’t pan out, and he’s banking on a few big wins to make up for many small losses, a common strategy in early-stage investing.

“We expect to have many failures, but when we win, we expect it to be a very big win,” Grantham said. 

And while he is bullish on green investments, one green stock he’s avoiding is Tesla, which he believes is, you guessed it, in a bubble.

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Legendary investor Bill Gross says the euphoria in stocks and crypto assets is a dangerous dreamland

Bill Gross investor bonds PIMCO markets
Bill Gross co-founded bond giant PIMCO.

  • Legendary investor Bill Gross has said investors in stocks and crypto assets are in a dreamland.
  • He told the Financial Times central bank monetary policy is dangerous and is driving euphoria in markets.
  • Criticism of the Fed’s policies has grown louder after US inflation soared to a 31-year high in October.

Famed investor Bill Gross has said ultra-loose monetary policy from central banks has caused worrying euphoria in a range of markets from stocks to crypto assets, saying investors are living in a “dreamland.”

“It’s dangerous,” the co-founder of bond giant PIMCO told the Financial Times, on the subject of monetary policy. “It’s all dreamland that’s been supported by interest rates that aren’t where they should be.”

Gross went as far as to say that the entire financial system could collapse if interest rates are not raised and huge bond-buying programmes are not scaled back, because people will stop saving.

“One of these days, one of these years, or one of these decades, the system will collapse, because capitalism depends on savers saving and investing,” he told the FT.

Gross is now retired, but manages his own money, earlier this year making millions betting against GameStop. He was once known as the “Bond King”, having co-founded the $2 trillion asset manager PIMCO in 1971.

The legendary investor is one of a number of big names in markets to have raised concerns about global central banks’ monetary policies.

US inflation shot up to 6.2% year-on-year in October, its highest level in 31 years, fueling concerns that the government and the Federal Reserve have overstimulated the economy.

Gross’ former colleague Mohamed El-Erian said last week the Fed has made one of the worst calls in its history by dismissing inflation as transitory.

“They got stuck on the narrative and held onto it for too long,” El-Erian told Bloomberg TV. “And the result of which is they’re looking at inflation that is much higher than they ever expected … much broader than they expected … and that’s going to last even longer than they expected.”

Gross said he did not think inflation would stay as elevated as it is currently, but said he thinks it’s likely to remain above the Fed’s 2% target, the FT reported.

Yet he said the Fed may not be able to tighten monetary policy quickly, given the state markets are currently in, with US stocks and cryptocurrencies around record highs.

“I think [Fed chair Jay Powell] is captive to the financial markets, and so he will gradually creep out of buying bonds, and next year he maybe gradually raises interest rates,” Gross told the FT.

Financial markets currently expect the Fed to raise interest rates for the first time in June 2022, according to CME Group’s FedWatch tool.

Read more: A Wall Street head strategist breaks down how the investing playbook used to fight high inflation has changed entirely since the last scare decades ago — and names 4 stocks in the digital realm that fit the bill

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‘The Big Short’ investor Michael Burry sold most of his US stocks last quarter – but added 3 new holdings

Michael Burry big short
Michael Burry.

  • Michael Burry slashed his US stock portfolio in the third quarter.
  • “The Big Short” investor has been warning of a devastating market crash for months.
  • Burry’s Scion fund bought stakes in Lockheed Martin, Now, and Scynexis.

Michael Burry took a knife to his stock portfolio in the third quarter, slashing it from more than 20 holdings to only six as of September 30, a Securities and Exchange Commission filing revealed on Monday. The sales align with his long-held expectation that the stock market is in a bubble and barreling towards a historic crash.

Burry’s Scion Asset Management revealed new stakes in aerospace-and-defense giant Lockheed Martin, oil-drilling equipment specialist Now, and Scynexis, a biotech company. It also reduced its CoreCivic bet by 68% and its Geo Group position by 54%, meaning a small stake in CVS Health was the only position left intact.

Scion sold all of its other holdings, including the call options it held on Alphabet and Facebook stock, and the bearish put options it owned on Tesla stock and Cathie Wood’s flagship Ark Innovation ETF at the end of June. Scion’s portfolio was worth only $42 million at the end of September – a fraction of its almost $140 million value (excluding options) three months earlier.

Scion didn’t immediately respond to a request for comment from Insider.

Burry is best known for his billion-dollar bet against the US housing bubble in the mid-2000s, which was immortalized in the book and the movie “The Big Short.” The contrarian investor also laid the groundwork for the GameStop short-squeeze this year when he invested in the video-game retailer in 2019.

The fund manager has been warning of an epic bubble in asset prices, predicting a historic market crash, and ringing the inflation alarm for several months now. He has built a devoted following thanks to his dire prognostications and habit of disguising stock tickers in his tweets.

Most recently, he accused Tesla CEO Elon Musk of selling stock not to raise cash or to pay taxes, but to capitalize on his electric-vehicle company’s 12-fold gain in valuation since the start of last year.

Read more: The founder of a Michael Burry subreddit explains ‘The Big Short’ investor’s unique appeal – and reveals the stocks hidden in his tweets

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Legendary investor Jeremy Grantham warns Tesla stock is in a bubble, rings the inflation alarm, and predicts an epic market crash

jeremy grantham
Jeremy Grantham.

  • Jeremy Grantham said Tesla stock is overvalued, and the automaker will face tough competition.
  • The GMO boss diagnosed a massive asset bubble and predicted a historic crash.
  • Grantham slammed the Fed for juicing markets and cautioned investors not to ignore inflation.

Tesla stock is in a bubble, and Elon Musk’s electric-vehicle company has zero chance of meeting its shareholders’ massive expectations, Jeremy Grantham said in a Bloomberg interview on Friday.

The legendary investor and chief strategist of Grantham, Mayo & van Otterloo also sounded the inflation alarm, blasted the Federal Reserve for pumping up asset prices, and reiterated his warning that the worst market crash in US history is coming.

Here are Grantham’s seven best quotes from the interview, lightly edited and condensed for clarity:

1. “Tesla’s valuation assumes it will be not only brilliantly successful but multiples as successful as the FAANGs, which are some of the great companies in the history of capitalism. That is a big ask.” – Grantham noted that Tesla trades at several times the price-to-sales ratio of Facebook, Amazon, and other tech giants.

2. “Every great automobile company – Mercedes, BMW, Volkswagen – is gearing up to go electric. Tesla is going to have some serious competition. Living up to the expectations of the stock price will be impossible.” – Grantham said that Tesla stock is in a bubble.

3. “There’s a bigger buy-in this time to the idea that prices never decline, and that all you have do is buy, than there has ever been. When the decline comes, it will perhaps be bigger and better than anything previously in US history.” – Grantham warned that investors are more blindly optimistic today than they were before the Great Crash of 1929 or during the tech and housing bubbles.

4. “This is the first time that inflation, the number one predictor of a market downturn since 1925, is being ignored. Every bull market before this one had low inflation. In order to explain today’s market, you have to assume 100% ignoring of the rising inflation, which is quite remarkable. We’ve never seen anything like this.”

5. “The Fed hasn’t done a thing right since Paul Volcker, who was brilliant. All of the other chairs have encouraged a series of really dangerous asset bubbles. They overstimulated to get to 2000, they overstimulated in the mid-2000s housing market, and have they learned? Absolutely not.”

6. “Did you need to throw this much money all over the world so that it flows into the stock market and creates these meme stocks? This craziness that had Avis stock triple in one day? In response to Tesla and Hertz and Tom Brady, Avis said, ‘Hey dudes, we’re going to buy some electric cars too,’ and wham, it triples.” – criticizing central banks for overstimulating their economies during the pandemic and fueling rampant speculation.

7. “This is more extreme in scale and size of market cap than anything that occurred in 1929, even adjusted for the size of the economy.”

Read more: Finance guru Whitney Tilson breaks down why Warren Buffett’s Berkshire Hathaway is the ultimate ‘stay rich’ stock – and explains why he’s not worried about $7 billion in net stock sales this year

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‘The Big Short’ investor Michael Burry warns speculation has reached a century high – and points to Rivian’s $100 billion IPO as a prime example

Michael Burry big short
Michael Burry.

  • Michael Burry warned speculation is at a historic high, and valuations have exceeded dot-com levels.
  • “The Big Short” investor pointed to Rivian, a tiny startup valued at more than $100 billion.
  • Burry noted that real US wages have fallen this year, and that inflation hammers the poor.

Market speculation has reached its highest level in a century, and asset valuations are more excessive today than during the dot-com bubble, Michael Burry warned in a tweet on Thursday.

“More speculation than the 1920s,” he said, referring to the years leading up to the Great Crash in 1929. “More overvaluation than the 1990s.”

The investor of “The Big Short” fame highlighted a Wall Street Journal story about Rivian, an electric-vehicle startup that has only made 156 vehicles and generates virtually no revenue. Regardless, it commands a market capitalization north of $100 billion after going public this week.

In another Thursday tweet, Burry noted that US wage growth has lagged inflation this year, and emphasized that price increases disproportionately affect the poor.

“American real wages – adjusted for inflation – are down 2.2% since Jan 1,” he said. “Seems the ONLY truly meaningful thing that’s down this manic, manic year. Inflation is a massively regressive tax. Never forget it.”

The Scion Asset Management boss has set his sights on electric-vehicle companies and inflation this week. He tweeted that Tesla CEO Elon Musk might be selling stock to cover his personal debts, and raised the prospect of the automaker’s stock plunging 90%.

Moreover, he noted that month-on-month inflation hit a 13-year high in October primarily because of rising energy prices and factors unrelated to the US economy reopening from the pandemic.

Burry is best known for calling the mid-2000s housing bubble and making a fortune by betting on its collapse. He’s been urging casual investors not to gamble on meme stocks, cryptocurrencies, and other risky assets for months.

“All hype/speculation is doing is drawing in retail before the mother of all crashes,” he tweeted in June. “When crypto falls from trillions, or meme stocks fall from tens of billions, #MainStreet losses will approach the size of countries.”

Read more: The founder of a Michael Burry subreddit explains ‘The Big Short’ investor’s unique appeal – and reveals the stocks hidden in his tweets

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‘The Big Short’ investor Michael Burry says Tesla stock could plunge 90% – and notes Elon Musk said it was overpriced at $160 last year

Dr. Michael Burry
Michael Burry.

  • “The Big Short” investor Michael Burry said Tesla stock could plunge 90% in value.
  • Burry noted that Tesla CEO Elon Musk said the automaker’s stock price was “too high” last year.
  • The investor’s fund held bearish put options against Tesla stock as recently as June 30.

Michael Burry suggested Tesla stock could plummet 90% in a now-deleted tweet on Tuesday. The investor of “The Big Short” fame drew a parallel to Amazon shares plunging when the dot-com bubble burst, and only soaring years later once the e-commerce giant transformed its business.

“Can $TSLA fall 80, 90%? After 2000, many high flyers did. $AMZN fell 95% 2 decades ago, changed its whole biz, and thrived much later,” Burry tweeted.

The Scion Asset Management boss noted Elon Musk himself said Tesla was overvalued last year, when the clean-energy company’s stock was trading at less than a sixth of its current price (adjusted for Tesla’s five-for-one stock split in August 2020).

“May 1, 2020 – $TSLA at $163/share is ‘too high’ and he was not kidding, said @elonmusk,” Burry tweeted, linking to a Wall Street Journal article about the Tesla CEO’s comment.

Tesla stock has slumped 16% over the past two trading days, erasing nearly $200 billion from its market capitalization. The sell-off followed Musk’s launch of a Twitter poll to determine whether he should sell 10% of his Tesla stock. The poll garnered 3.5 million votes, and 58% of the respondents voted for a sale.

Burry proposed on Monday that Musk might want to cash out some stock to service his personal debts. He noted the executive had 88 million Tesla shares, or 36% of his total stake, pledged as loan collateral as of June 30 this year.

The Scion chief announced he was short Tesla in late 2020, and his fund held bearish put options on the stock as recently as June 30 this year. However, Burry told CNBC in October he was no longer betting against Musk’s company, and the puts represented a trade, not a long-term position.

The contrarian investor has taken several shots at Tesla over the past year. He described its stock price as “ridiculous” in December 2020, when it was below $600 – a fraction of its $1,024 close on Tuesday this week.

Burry predicted in January this year that Tesla stock would collapse like the mid-2000s housing bubble, and told shareholders to “enjoy it while it lasts.”

Moreover, he asserted in February that if the automaker’s stock fell below $100, there wouldn’t be any major fallout, and it would put an end to zealous, reckless speculation on overhyped stocks.

It might seem extreme for Burry to suggest Tesla’s stock price could fall 90% to around $100 a share. However, it’s worth noting the stock traded at that level (on a split-adjusted basis) as recently as April 2020.

Scion and Tesla didn’t immediately respond to requests for comment from Insider.

Read more: The founder of a Michael Burry subreddit explains ‘The Big Short’ investor’s unique appeal – and reveals the stocks hidden in his tweets

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‘The Big Short’ investor Michael Burry says Elon Musk may want to sell Tesla stock to cover his personal debts – and compares the current market to the Dutch tulip bubble

Michael Burry big short
Michael Burry.

  • Michael Burry suggested Elon Musk might want to sell some Tesla stock to cover his personal debts.
  • “The Big Short” investor noted the Tesla CEO had 88 million shares pledged as loan collateral.
  • Burry also made a subtle comparison between today’s market and the Dutch tulip bubble.

Michael Burry rejoined Twitter this week to suggest why Elon Musk is suddenly interested in selling Tesla stock, and to sound the alarm on dangerous speculation in financial markets.

Musk’s debts

“Regarding what @elonmusk NEEDS to sell because of the proposed unrealized gains tax, or to #solveworldhunger, or … well, there is the matter of the tax-free cash he took out in the form of personal loans backed by 88.3 million of his shares at June 30th,” the investor tweeted.

Musk recently offered to sell $6 billion worth of Tesla stock if UN bosses could explain to him how the sum would solve world hunger. The Tesla CEO also launched a Twitter poll asking whether he should sell 10% of his holdings, citing pressure from US lawmakers who are pushing for a “billionaire tax” that would target the ultra-wealthy’s unrealized stock gains.

Burry’s tweet implies those might just be excuses. The investor of “The Big Short” fame and head of Scion Asset Management posted a link to a SEC filing in August, which noted that Musk has pledged about 88 million shares, or 36% of his total stake, as collateral for personal loans as of June 30.

Musk had 41% of his shares pledged as collateral for his debts at the end of December last year, and 48% as of June 30 last year, previous filings show.

Burry appears to be suggesting that Musk isn’t eyeing a stock sale in order to feed millions of people, in response to a legislative proposal, or because he could face a $10 billion tax bill when he exercises a slew of stock options that expire in August 2022.

Instead, Burry’s theory is that Musk needs some cash to service the loans he’s taken out using his Tesla stock. That practice drew heavy scrutiny this summer after a ProPublica investigation detailed how some of the world’s wealthiest people borrow against their stock to minimize their tax burdens.

Bubble fears

Besides tweeting about Musk, Burry marked his return to Twitter with a new header image. His choice of “Satire of the Tulip Mania,” a painting by Jan Brueghel the Younger that ridicules the Dutch tulip bubble in the 1600s, is undoubtedly a fresh warning about the current market mania.

The painting depicts tulip speculators as mindless monkeys, and shows them weighing the bulbs, counting money, taking inventory, and going into debt, fighting over, and even dying for the flowers.

Burry has painted the immense hype around meme stocks and cryptocurrencies, and the frantic buying of Tesla shares and other assets, as clear signs of rampant speculation.

Moreover, Burry has diagnosed a historic market bubble and predicted a devastating crash in recent months. His fund also held bearish put options on shares of Tesla and Cathie Wood’s Ark Invest at the end of June. Given that context, his choice of Twitter image suggests he sees history repeating itself.

Elon Musk and Tesla did not immediately respond to a request for comment from Insider.

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Billionaire investor Stanley Druckenmiller rings the bubble alarm on meme stocks and crypto – and warns a short-term approach can be disastrous

Stanley Druckenmiller, founder of hedge fund Duquesne Capital, holds his hands up in the air
Stanley Druckenmiller.

  • Stanley Druckenmiller warned crypto, meme stocks, and many other assets are overpriced.
  • The billionaire investor said the current bubble is much broader than the dot-com bubble.
  • Druckenmiller invests based on how he expects the world to change over the next 18 months.

Billionaire investor Stanley Druckenmiller rang the bubble alarm and reeled off a list of overpriced assets during the Boston Investment Conference on Thursday.

“Crypto, meme stocks, art, wine, equities,” the Duquesne Family Office boss said, according to a transcript tweeted by Cundill Capital, a Twitter user who comments on markets and investing.

“This bubble is in everything. Every asset on the planet,” Druckenmiller continued in a conversation with Seth Klarman, another billionaire investor and the head of Baupost Group. “Made a lot of geniuses out of all of us the last couple of years.”

Insider wasn’t able to verify the transcript. Druckenmiller, Klarman, Cundill Capital, and the Boston Investment Conference didn’t immediately respond to requests for comment.

Druckenmiller downplayed comparisons between the current market and the dot-com bubble, noting the excitement in the late 1990s was partly grounded in the rich potential of networking effects. “It was a very narrow bubble,” he noted.

The Duquesne boss also explained how he navigates financial markets. “My North Star is every event in the world affects some security,” he said. Therefore, he tries to envision how the world might look in 18 months, and determine which securities will be priced very differently from today.

Druckenmiller emphasized the risk of focusing too much on the here and now. “A lot of investors live in the present, which is a disaster long term,” he said, while acknowledging the approach “might work short term.”

The investor’s latest comments echo his warning earlier this year that the Federal Reserve’s stimulus efforts were inflating a vast bubble.

“I have no doubt that we are in a raging mania in all assets,” he told CNBC in May. “I also have no doubt that I don’t have a clue when that’s gonna end.”

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