Pardon the cut and paste and sloppy highlighting, but you gotta read this. It’ll sound familiar to regular readers.
This is from a 2015 speech by one of history’s great (I’d say he’s in the top 3-4 of all-time) investors, Stan Druckenmiller.
Anything I might add would simply be repeating the same mantra we’ve been chanting herein from before the day we began hedging portfolios late last summer.
Yes, the speech was given 5 years ago, but we did see back-to-back double-digit stock market corrections in 2015/16. They didn’t morph into something worse because we were able to skirt recession in both instances, not the case this time.
Where he asks the question regarding the state of the economy (“worst in last 102 years?”), he was being entirely facetious; as the Fed was conducting monetary policy in 2015 as if the economy were still in recession:
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