Billionaire investor Stan Druckenmiller believes that the market is pricing in the possibility of Donald Trump winning the upcoming U.S. presidential election next month.
“The market seems pretty convinced over the past 12 days that Trump $Trump Media & Technology(DJT)$ will win,” Druckenmiller said on Wednesday. “You can see it in the bank stocks, and you can see it in cryptocurrency.”
However, Druckenmiller made it clear that he won't be voting for Trump—or for current Vice President Kamala Harris either. He called Trump a "blowhard," saying that Trump lacks the dignity to be president, while noting that a Harris presidency would be bad for business.
“I’ll probably just write someone’s name in,” he said, adding that he hasn’t donated to any candidate.
When asked about the 2024 election, Druckenmiller, Chairman and CEO of Duquesne Family Office, emphasized, “I’ll certainly never support either one of them.”
Druckenmiller also predicted that even if Harris were to win, it’s “highly unlikely” that the Democrats would control Congress.
He cautioned that if there were a Democratic sweep, the stock market could struggle for three to six months. Druckenmiller also noted that the odds of a Republican sweep—where Trump wins but Democrats control Congress—might be higher than Trump winning with a fully Republican Congress.
But Druckenmiller expressed concern over the idea of a "shadow" Fed, calling it a “terrible and irresponsible” concept.
He also criticized the Fed's decision to cut rates by 50 basis points in September, saying it was a mistake. His firm, Duquesne Family Office, shorted U.S. Treasuries after that decision was announced.
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