Well, we can add another billionaire investor to the list of those who believe the stock market is going to see another decline. Stan Druckenmiller says the risk/reward for equities is the worst he’s seen in his career. To repeat, “The risk/reward for equities is the worst he’s seen in his career.” Mr. Drunkenmiller’s long-term investment performance is (at the very least) right on par with those of Paul Singer, Carl Icahn, Jeff Gundlach, Warren Buffett and Sam Zell…and all of these people are bearish about the short-to-intermediate-term prospects for the stock market. No matter what they think about the very-long-term prospects for stocks, they’re not buying them in any meaningful way at all right now……..What more does the average investor need to know????
In fact, we believe this evidence is so compelling, were not going to add anything else today. We jotted down several comments about the very-short-term condition of the market, but as thought about it further, we decided to leave it there this morning! (When it comes to politics, “Deep Throat” once said, “Follow the money.”…..However when it comes to the markets, the better saying is, “Follow the smart money.”)
Matthew J. Maley
Chief Market Strategist
Miller Tabak + Co., LLC
Founder, The Maley Report
275 Grove St. Suite 2-400
Newton, MA 02466
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