The stock market is really a gambling parlor. Some investors bet on the economy and some bet against it. George Soros, who fully expected Hillary Clinton to win was betting against it. That should tell you something right there. We dodged a bullet.
The problem was that stocks went up. Soros further compounded his losses by continuing to believe the market wasn’t doing well after Trump’s election. Thus far, his losses are estimated at 1 billion dollars. The dollar is stronger, the stock market is soaring and companies are falling over themselves to announce new investments and hiring in the United States.
And the real biggie hasn’t hit yet. Obama insisted that companies who made money overseas and paid taxes on those earnings pay close to 39% in taxes to bring the money home. The amount is over 3 trillion dollars and as much as 4 trillion. Companies would be happy to pay a 5 or 6% tax to return the money to the United States. Obama created a false stimulus that cost taxpayers 840 billion dollars and flopped as a real stimulus. Imagine companies investing three trillion in new businesses.
Thanks to Soros’s diversified portfolio, his funds still earned 5% on the year. However, Druckenmiller — who stopped working for Soros in 2000 — did much better, predicting that a Clinton win would cause the markets to rise and then fall, while a Trump win would do the opposite, the Journal notes.
Druckenmiller, who spent $3.5 million on donations to Republicans — a small amount compared to Soros’s $20 million in 2016 — “scored gains of more than 10% in 2016” through his own firm, the Journal reports.
The “Trump bump” has lifted the Dow Jones Industrial Average over 1,600 points since Trump’s victory on November 8.