S&P500 +0.31% Market rallied off Obama’s speech last night where he asked for a postponement of the Congressional authorization vote to pursue Russian’s diplomatic plan in Syria.
$AAPL fell 5.44% on multiple sell-side downgrades critical of the company’s decision not to dramatically cut price on the iPhone 5C and disappointment a China Mobile deal wasn’t announced at last night’s China iPhone launch press event
Stan Druckenmiller interview on Bloomberg TV Link
Druckenmiller: "I predicted 7 out of last 3 bear markets..I started in the bear market of 1976..I’m kind of poisoned..I have a bearish bias"
Druckenmiller: "if you look at my record..the big big years were in bear markets and chaos..take great advantage of catastrophes in market place"
Druckenmiller: "the way I made my money..bond/currency markets..trying to forecast future economic trends and problems I saw happening"
Druckenmiller: "Fed chair (process/media)..complete circus.."
Druckenmiller: "bonds went down anyway due to uneconomic reasons..unwind going on"
Druckenmiller: "I have been really wrong in bond market in last 3-4 months.. waiting for this decline for years..completely missed it"
Druckenmiller: "I made some currency bets..if you don’t have the fundamentals right..you will lose (may work short-term)"
Druckenmiller: "long Japanese equities, short some yen… (no) big outsized bets (like Aussie dollar early in the year), everything is sort of down(sized)"
Druckenmiller: "if you tell me QE will be removed in 6-9 months..that’s a big deal (negative)"
Druckenmiller: "when you remove that prop.. prices adjust immediately..June instructive..mere hint.. caused havoc"
Druckenmiller: "as long as Fed is printing money.. (bear market) not really close"
Druckenmiller: "I’m very focused on new Fed Chairman..willing to wait few weeks to find out"
Druckenmiller: "(choosing HF managers) go over their investment philosophy and see if the can make money over time"
Druckenmiller: "(old school HF managers) we were expected to make 20%+ a year in down markets..none of this risk adjusted return"
Druckenmiller: "this whole quarterly performance..risk adjusted..I don’t get it"
Druckenmiller: "I believe the market is topping..right now I’m lost..I don’t play when I’m lost"
Druckenmiller: "next Fed chair..really really important..it matters (to markets)"
Druckenmiller: "I like to be very patient..when I see something..go a bit crazy"
Druckenmiller: "smallest positions I’ve had..sitting and waiting..uncertainty on next Fed chair..Syria.."
Druckenmiller: "my record speaks for itself in forecasting"
Druckenmiller: 28% of Fed budget in 1960s entitlements/transfer payments -> 72% of budget today