George Soros Has 1 Billion More Reasons to Hate Donald Trump

George Soros is thought to have lost $1 billion since Donald Trump’s election by betting against shares rising Bernadett Szabo  Reuters

George Soros is thought to have lost $1 billion since Donald Trump’s election by betting against shares rising Bernadett Szabo Reuters

Markets have been heavily pricing in some of Trump's anticipated policies, including huge fiscal stimulus, corporate tax cuts and financial reform such as the repeal of the Dodd Frank act.

"Those gains helped Soros Fund Management gain about 5 percent on the year".

As a result, some of Mr. Soros's trading positions incurred losses approaching $1-billion, the Journal said.

Soros was skeptical about the market before Trump's victory, but after the election, Soros became downright bullish, according to The Wall Street Journal.

Since Election Day, however, the Dow Jones industrial average is up almost 10 percent, and all three major US stock indexes have set all-time highs after Trump's win. Mr. Soros exited many of his bearish bets late a year ago, avoiding further losses.

Meanwhile, Soros' former protege, Stanley Druckenmiller, who publicly changed his dour outlook on the economy following the Trump election which he said would prove positive for stocks and the economy, did far better, "and racked up sizable gains, according to people close to the matter". At an investor conference on November 29, Mr. Druckenmiller expressed a bullish position on the American economy following the election. These trades have paid off as Mr. Druckenmillers firm, Duquesne Family Office LLC, scored gains of more than 10% in 2016. Actually, the markets' reactions ahead of the vote provided false preview of how it might respond to the outcome of November's election. Being true to his principles, he assumed that the election of Donald Trump would be a disaster, and took up bearish positions on the relevant markets. But all of a sudden, they sort of changed their minds.

Soros was reportedly making big investments that were tied to his anticipation of a bearish stock market due to Trump's win.

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