Billionaire investor Stanley Druckenmiller shared his views on the election and the market in an exclusive interview Thursday with CNBC's "Squawk Box."
On the election: "I'm very hopeful and optimistic on what it means. ... The fears of protectionism, while valid, are greatly oversized relative to the benefits to the other parts of the economy [from deregulation and tax reform]," he said.
He added, "This economy is so over regulated and people are just drowning in red tape, that the removal of that, and I'm expecting serious tax reform, cuts to the corporate tax rate. ... So I'm quite, quite optimistic on the economy."
On gold: "I sold all my gold the night of the election. All the reasons I owned it for the last couple years, it seems to me they may be ending," he said.
On how he is investing now: "I have a large bet on economic growth. ... I'm short bonds globally. ... I'm short U.S. bonds [due to stronger future growth]. I like the sectors of the equity market that respond to growth [like] value and materials, not things like staples or traditional growth stocks. ... I really like the [U.S.] dollar, particularly against the euro."
Druckenmiller is chairman and chief executive officer of the Duquesne Family Office. His hedge fund track record is unparalleled, generating annualized returns of 30 percent during his investment career. The Duquesne fund never had a down year, according one of his investors, Home Depot co-founder Ken Langone.
Druckenmiller also discusses:
- Janet Yellen and the Federal Reserve
- Why the market rose after the election
- How loose monetary policy helped elect Trump
To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.
