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Hedge fund manager Stanley Druckenmiller said Friday that he agrees with fellow billionaire investor David Tepper’s optimism on the market and said he’s still “riding the horse.”
“I revealed a very bullish posture intermediate term since October when Powell guaranteed he would not rescind the insurance cuts,” Druckenmiller said in an email to CNBC’s Joe Kernen. “Since then, both have worked out and the Fed is still whining about inflation being below target.”
“In addition, Trump’s election prospects have increased with two trade agreements and big win in Iran which the Democrats have responded poorly to,” he added. “So I am still ‘riding the horse’ and bullish immediate term.”
Druckenmiller’s comments come as U.S. equities prolong the longest bull market in U.S. history that began in March 2009. The S&P 500 has skyrocketed more than 380% since then and on Thursday reached an all-time high north of 3,300.
The investor said as recently as December he was frustrated he didn’t take more risk in 2019 and was therefore unable to fully capitalize on the stock market’s red-hot rally. The Duquesne Family Office, which Druckenmiller oversees, only broke into double-digit returns for the year in the final weeks of 2019, well behind the S&P’s 29% rally for the year.
His claim to be still “riding the horse” referred to earlier comments from Appaloosa Management founder David Tepper, who told CNBC Friday morning that he’s still betting on the bull market.
“I love riding a horse that’s running,” Tepper told Kernen in an email. “We have been long and continue that way.”