Billionaire Stan Druckenmiller was on Bloomberg TV trying to explain what’s going on in the financial markets. We shared another Druckenmiller interview last month. In that interview Druckenmiller indicated that he started shorting the markets during summer, but humbled by losses as the market surged to new highs and closed his position. Now, we know that he was only 3 months early and he should have kept his short positions.
We should note that Druckenmiller isn’t the same Druckenmiller who used to deliver 30% annual returns over 30 years. His 13F portfolio looks like it is put together by a drunk venture capitalist from San Francisco. His top 6 stock positions at the end of September were Microsoft Corp (NASDAQ:MSFT), Salesforce.com (NASDAQ:CRM), Amazon.com Inc. (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOGL), Gilead Sciences Inc (NASDAQ:GILD), Adobe Systems Inc. (NASDAQ:ADBE). Microsoft Corp lost 9.6%, Salesforce.com lost 17.7%, Amazon.com Inc lost 24.1%, Alphabet Inc and Gilead Sciences lost 15%, and Adobe Systems Inc lost 18% so far during Q4. Except Microsoft, all of these stocks underperformed the market.
Assuming that Druckenmiller hasn’t made any changes to his 13F portfolio, his average return so far in Q4 is -14.7%. Druckenmiller says Alphabet Inc is too cheap given its long-term potential and he can’t bring himself to sell the stock.
Here is Druckenmiller’s BloombergTV interview:
Disclosure: None. This article is originally published at Insider Monkey.