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Billionaire Druckenmiller says he favors stocks that benefit from economic growth

Billionaire investor Stanley Druckenmiller told CNBC on Thursday he favors stocks that benefit from economic growth.

"I like the sectors of the equity market that respond to growth, value, and materials," Druckenmiller said on "Squawk Box." "Not things like staples and traditional growth stocks that don't respond with the economy. And I really like the dollar — particularly against the euro."

Druckenmiller said he was quite optimistic about the U.S. economy following the election of Donald Trump, adding that he's betting on growth by shorting bonds globally. In the past, the hedge fund billionaire had been negative on the U.S. growth prospects.