![]() I opened the newsletter today with one of Druckenmiller’s most famous quotes: “It’s always about the Fed. He is credited with making several prescient calls in the markets, including predicting the tech bubble burst of the late 1990s and the housing market crash of 2008. That pretty much sums up the week and gives us a feel for the short-term micro picture.īut where are we going? Today, let’s zoom out and look at the global macroeconomic and geopolitical picture to see where we sit in the cycle and how we might want to position assets.īefore we jump in, I want to come back to a quote from one of the world’s most successful investors, Stan Druckenmiller, who is famous for his successful track record managing the Duquesne Capital Management hedge fund. The industry consensus is that the Fed will increase interest rates again when they meet next week. The Fed’s preferred inflation measure came in hotter than expected at an annualized rate of 4.9%. ![]() The S&P 500 rose 2%, the Dow Jones Industrial Average rose 1.6%, and the Nasdaq Composite rose 2.4%. US stocks rallied yesterday after a strong round of corporate earnings helped reverse a selloff earlier this week. ![]()
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