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Bullish On Trump-led America, Druckenmiller Sells Gold, Bets On Economy

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Stanley Druckenmiller is an American hedge fund manager who ran the $12 billion Duquesne Capital till 2010. Forbes has ranked him 128 on the list of the richest people with a net worth of $4.4 billion. He closed the fund because he felt unable to deliver high returns to his clients. Druckenmiller now manages funds for his own family office, Duquesne Family Office LLC. He feels very optimistic about the stock market after the Donald Trump won the presidential election. He reversed his opinion about gold and said that he had sold all of his gold positions on November 8th. He has become bullish on the global economic growth prospects and thinks that bond prices are set to fall. He thinks that the central banks have been artificially suppressing interest rates and this is the reason he is shorting German and UK government bonds. In the article below we look at some of his holdings.

Through extensive research, we determined that imitating some of the picks of hedge funds and other institutional investors can help generate market-beating returns over the long run. The key is to focus on the small-cap picks of these investors, since they are usually less followed by the broader market and are less price-efficient. Our backtests that covered the period between 1999 and 2012, showed that following the 15 most popular small-caps among hedge funds can help a retail investor beat the market by an average of 95 basis points per month (see more details)

DUQUESNE CAPITAL

Freeport-McMoRan Inc. (NYSE:FCX) is one of the largest producers and refiners of copper ore in the world. Besides copper, the company also has extensive oil and gas, and molybdenum operations. The company owns mines in USA, South America, Indonesia and Congo. It also owns copper smelters and molybdenum conversion facilities in USA and Europe. The stock has been doing well, advancing by 112% year-to-date, due to a recovery in commodity prices. Commodity producers are expected to do well under president Trump with his focus on infrastructure spending. After a string of quarterly losses, Freeport-McMoRan Inc. (NYSE:FCX) reported $245 million in profits for the third quarter of 2016, while revenue came in at $3.8 billion. Analysts have a neutral view on the stock with 13 out of the 22 analysts covering the stock rating it as a “Hold”. The company has been deleveraging its debt-laden balance sheet over the last year. It recently has announced that it would sell its oil and gas assets in California for $742 million. The Duquesne Family Office LLC held 4.87 million shares of this company valued at $52.7 million at the end of September. Another investor bullish on Freeport-McMoRan Inc. (NYSE:FCX).

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