US stocks fell on Friday, on track for weekly losses as investors absorbed Chair Jerome Powell's signal that the Federal Reserve won't hurry to make interest-rate cuts.
The S&P 500 (^GSPC) dropped 1.2%, while the Dow Jones Industrial Average (^DJI) slid roughly 0.7%. The tech-heavy Nasdaq Composite (^IXIC) led declines, falling nearly 2%.
Powell's hawkish comments are casting a pall on markets as the initial optimism for President-elect Donald Trump's policies starts to wear off. The S&P has already reversed one-third of its post-election rally, and the Nasdaq is poised for a weekly loss of around 1%.
Retail sales data released on Friday morning reflected continued resilience in the American consumer, a sign of the economic strength Powell suggested would allow the Fed to take its time. October sales rose 0.4% month on month, versus 0.3% expected, including a revision higher for September's reading to 0.8% from 0.4%.
Wall Street is back to puzzling over the Fed's path next year, a question already muddied by this week's inflation prints. As of Friday morning, traders are pricing in 55% odds of a rate cut at its December policy meeting, compared with 72% the day before, per CME FedWatch tool. Bets on a January easing stand at 69%, versus the previous 81%.
At the same time, investors kept a watchful eye on Trump's preparations for power, after vaccine stocks fell amid reports Robert F. Kennedy Jr will be named top health official. JPMorgan Chase (JPM) CEO Jamie Dimon made it clear Thursday he won’t be joining the new president's team.
Meanwhile, shares of Domino's Pizza (DPZ) and Pool Corp. (POOL) popped during morning trading after filings showed Warren Buffett's Berkshire Hathaway bought the stocks.
It's that time of the quarter where we get a sneak peek into the portfolios of the world's most powerful money managers with a 45-day lag.
Before I get to what elite money managers were buying & selling last quarter, I think it's worth going over Bob Pisani's CNBC article on why Greenlight’s David Einhorn says the markets are broken and getting worse:
Greenlight Capital’s David Einhorn was interviewed by our Leslie Picker at CNBC’s Delivering Alpha event Wednesday.
Einhorn spoke about the election results, inflation and some of his current stock picks (including CNH Industrialand Peloton Interactive), but soon returned to a familiar theme: the long, slow descent of value investing.
“It’s continuing to get worse,” the hedge fund manager told Picker. “We are in a secular destruction of the professional asset management community.”
As he has done several times before, Einhorn pointed a finger at passive, index investors: “The passive people, they don’t care what the value is.”
Markets are ‘broken’
In Einhorn’s estimation, markets are “broken,” repeating a claim he has repeatedly made this year.
“I view the markets as fundamentally broken,” Einhorn said back in February on Barry Ritholtz’s “Masters in Business”podcast. “Passive investors have no opinion about value. They’re going to assume everybody else has done the work.”
Einhorn puts much of the blame on passive investing in index funds like the S&P 500, noting that because the S&P has had a pronounced growth tilt in the past decade as technology has dominated, investors buying index funds are by default propping up growth stocks at the expense of value stocks.
What’s more, the emphasis on earnings growth is distorting markets, the Cornell grad said.
“You have these companies, and all they do is they manage these expectations, right?,” Einhorn told Picker. “And they beat and they raise, and they beat and they raise, and they beat and they raise, and they’re pretty good companies, and the next thing you know, they’re trading at, you know, 55 times earnings, even though they’re growing [at] GDP plus two [percentage points] and something like that. And that’s kind of the gamification of the way that the market structure has changed, right?”
Einhorn noted that “growth can be undervalued” as well, but lamented that value players had become marginalized: “We are such marginal players in terms of the amount of trading that’s going on, so the price discovery from professional people who have a valuation framework, not as the dominant part of their process, but as any part of their process, is much, much smaller than it used to be. And so effectively instead of the valuation becoming the signal, the valuation people were just noise and everybody else is sort of the signal. And this is why I think we have a structurally dysfunctional market, a bit of a broken market, and essentially a perpetual erosion of value as a strategy, as you would.”
This is causing great pain to value investors like Einhorn, many of whom have seen cash flee their funds.
Other market observers agree: “Value stocks have been getting cheaper and cheaper relative to their underlying fundamentals, while growth stocks have been commanding richer and richer valuation multiples,” Rob Arnott, chairman of Research Affiliates, told me in an email. Arnott is well known in the investment and academic community for his work in asset management and quantitative investing.
Logical switch to passive investing
You can’t blame investors for switching to index funds.
Not only are passive funds less costly than paying an active manager, the evidence shows that active managers have been underperforming their benchmarks for decades. The most recent report from the SPIVA U.S. Scorecard, the benchmark study on active management by S&P Global, said 87% of large-cap fund managers lag their benchmarks over a 10-year period.
In other words, passive investors in index funds are making a perfectly logical decision by switching from active portfolio management.
Still, Einhorn’s frustration is understandable. Academic research has long supported the belief that, in the long run, value outperforms growth.
Yet, since the great financial crisis, that long-term trend has been broken. In the last 15 years, for example, the iShares S&P 500 Value ETF(IVE) has gained 286%, while the iShares S&P 500 Growth ETF(IVW) is up 610% — twice as much. Growth has beaten value almost every year since.
Value and active continue to lag
Investors, for better or worse, have come to value profitability (growth) as a primary investment metric, more important than traditional measurements like price to earnings (P/E) or value measurements like price to book.
As for why active managers in general — of all stripes, not just value managers — have underperformed, Arnott told me it boils down to two main issues: higher costs and the fact that active managers compete against each other with little competitive advantage.
“Costs matter,” Arnott told me. “If indexers own the market ... then removing them from the market leaves that self-same portfolio for active managers to collectively own. As their fees and trading costs are higher, their returns must be lower.”
Another reason for long-term underperformance by active managers: They are competing against other active managers who have very little competitive edge against each other.
“Active investors win if there’s a loser on the other side of their trades,” Arnott told me. Since passive investors tend to stay invested, “A winning active manager has to have a losing active manager on the other side of their trades. It’s like looking for the sucker at a poker game: any active manager who doesn’t know who that loser might be, IS that loser.”
‘Free riding’ passive
In this context, the assertion that index investors are “free riding” on the price discovery of active managers falls into the category of statements that are true — but not very interesting.
Arnott readily agreed they are free riders, but then said, “So what? It’s a cop-out to blame index funds and their customers, because – from the customer’s perspective – why should an investor NOT index?”
And indexers may be able to still own value and do reasonably well. Arnott also runs the RAFI indexes, which emphasize book value, sales, cash flow and dividends, unlike other indexes that are based solely on market capitalization. He says this emphasis, particularly on profitability, has led to outperformance over time.
Most expensive market ever
With valuations at these levels, you’d think Einhorn would be bearish. But you’d be wrong.
“This is the most expensive market of all time,” the 55-year-old told Picker. “This is a really, really pricey environment, but it doesn’t necessarily make me bearish. ... An overvalued stock market is not necessarily a bear market and it doesn’t necessarily mean it has to go down anytime soon. I’m not particularly bearish; I can’t really see what’s going to break the market at this time.”
A couple of quick points. First, I am not sure the market will break any time soon but stuff happens when you least expect it. There may be a credit crisis lurking in background and when it hits, it will be a nasty one. There may be an emerging markets crisis or something out of China that scares us.
As far as who is to blame on passive indexing and distortions in markets and why growth has handily outperformed value over many years, I would say a low inflation environment will always favour growth stocks and Bernanke's QE blitz during the GFC as well as Powell's ZIRP in response to the pandemic cemented the outperformance for growth stocks.
But here's the thing about indexing or passive investing, a long time ago when I read Burton Malkiel's seminal book, A Random Walk Down Wall Street, I remember the great economist Paul Samuelson reviewed the book, praising it but also warning what will happen when it's widely adopted and how it can lead to market distortions.
We are there as concentration risk is at historic highs. In fact, the top ten stocks account for 37% of the S&P 500 and the top 5 account for 26% (or something in that range):
Market Concentration Risk Hits All-Time High 🚨
— Barchart (@Barchart) November 2, 2024
The Top 10 S&P 500 stocks now account for a RECORD HIGH 37% of the $SPXpic.twitter.com/37Rdyu68ob
In such a highly concentrated market, good luck to active managers, there's virtually no chance they can beat the S&P 500 unless they too take highly concentrated bets and that comes with its own set of risks.
Anyway, I like Einhorn, think he's a smart guy and when the tide turns he will have some good years beating the S&P 500 but he really needs to stop lamenting about this issue, beta is what beta is.
And while he's not outright bearish, he's not the only one who finds it difficult to find attractive opportunities.
Legendary investor Warren Buffett is building the Noah's Ark of rainy-day funds, stacking up more than $300 billion in Treasuries:
Warren Buffett has been selling shares and stacking up cash at a terrific rate, fanning speculation as to why the world's foremost stock picker is pulling his money out of the market.
Berkshire Hathaway roughly tripled its pile of cash, Treasury bills, and other liquid assets to a record $325 billion over the two years to September 30 (or $310 billion after subtracting almost $15 billion of payables for Treasury bill purchases).
The conglomerate's cash hoard now exceeds Berkshire's total market value just over a decade ago. It accounted for at least 27% of Berkshire's $1.15 trillion of assets at quarter end — the largest proportion in many years.
One big reason for the ballooning cash pile has been a lack of compelling things to buy. Buffett is a value investor who specializes in sniffing out bargains, and those have become rare finds in recent years.
"I have heard every speculative idea imaginable, from accumulating capital for a doomsday scenario to planning to make a gigantic cash dividend," Lawrence Cunningham, the director of the University of Delaware's Weinberg Center on Corporate Governance and the author of several books about Buffett and Berkshire, told Business Insider about the rationale for Berkshire's cash pile.
"Both seem far-fetched," he said. "The most likely cause of cash buildup at Berkshire is absence of attractive capital deployment opportunities."
Cunningham said stocks have surged to record highs, private-business valuations have jumped, Berkshire-owned businesses like Geico and See's Candies can only deploy so much money, and Berkshire's Class A shares have climbed to record levels of about $700,000.
If Buffett is building up his cash reserves it's because he wants to be ready when opportunities arise to scoop them up at attractive prices.
Berkshire Hathaway still has a huge stock portfolio in 41 stocks which you can view here.
Top Funds' Activity in Q3 2024
Alright, let's get to top funds' activity in Q3.
Here are some articles you can read:
- Berkshire Hathaway Adds Domino’s, Reduces Apple, BofA
- Berkshire bites into Domino's Pizza, dips into Pool amid stock retreat
- Druckenmiller Leads Family Offices Boosting US Bank Stock Bets
- Third Point Hedge Fund Buys Tesla, Dumps Micron
- Amazon's Significant Reduction in Louis Moore Bacon's Portfolio Highlights Latest 13F Filing
- Activist Hedge Fund ValueAct Boosts Meta Stake With $121M Bet
- Hedge Funds Add Apple, Reshuffle Technology Portfolio
You can read more 13F articles here.
Now, have a look at David Tepper's Appaloosa portfolio here and see top positions below:
You'll recall his big China Long that he was peddling along with the famous Dr. Michael Bury.
Well, apart from JD.com, he's been selling; in fact, he sold a lot of shares last quarter which suggests to me he's bearish and lightening up his tech exposure.
Did that change this quarter with Trump's election win? Maybe but I doubt it as Tepper understands macro and financial conditions well and he probably thinks it's a good time to raise cash.
Izzy Englander's Millennium was also busy last quarter and bought quite a few names like Microsoft, Spotify, Eli Lilly, Hess, Medtronic and RTX Corporation. You can view the entire portfolio here and top positions below:
Ken Griffin's Citadel loaded up on Nvidia last quarter (I knew it) as well as Chipotle, Medtronic and Marriott. You can view the entire portfolio here and top positions below:
What else? Joseph Edelman's Perceptive Advisors increase its position in Iovance Biotherapeutics (IOVA) and more than doubled his position in Viking Therapeutics (VKTX). You can see his entire portfolio here and top positions below:
I mention Iovance because I added to it yesterday and Viking because I initiated a position today:
I can't get into details here but do a deep dive on these two biotechs (see top holders of Iovance here and Viking here).
If biotechs are too volatile for your blood, you should be loading up on Eli Lilly on its latest dip:
In fact, as big banks and big hedge funds shorted healthcare and biotech shares in anticipation of RFK's nomination to Secretary of Health, fearing the worst, this is where I see the biggest opportunities right now.
There's so much nonsense in the markets tied to Trump's picks, it leads to great opportunities on the long and short side.
Alright, let me wrap it up.
Next week, Nvidia reports and all eyes will be on this stock but it can honestly go either way (never mind Citadel's big position).
Lastly, Powell's hawkish talk had more to do with market selloff today and the reason why the yield on the 10-year Treasury note remains closer to 4.5% than 4% (settled at 4.428%).
Powell trying to talk markets down never works well, it will backfire spectacularly.
Have fun looking into the portfolios of the world's most famous money managers and other top funds.
The links below take you straight to their top holdings and then click to see where they increased and decreased their holdings (see column headings and click on them).
Top multi-strategy, event driven hedge funds and large hedge fund managers
As the name implies, these hedge funds invest across a wide variety of
hedge fund strategies like L/S Equity, L/S credit, global macro,
convertible arbitrage, risk arbitrage, volatility arbitrage, merger
arbitrage, distressed debt and statistical pair trading. Below are links
to the holdings of some top multi-strategy hedge funds I track
closely:
1) Appaloosa LP
2) Citadel Advisors
3) Balyasny Asset Management
4) Point72 Asset Management (Steve Cohen)
5) Millennium Management
6) Farallon Capital Management
7) Shonfeld Strategic Partners
10) Peak6 Investments
11) Kingdon Capital Management
12) HBK Investments
13) Highbridge Capital Management
14) Highland Capital Management
15) Hudson Bay Capital Management
16) Pentwater Capital Management
17) Sculptor Capital Management (formerly known as Och-Ziff Capital Management)
18) ExodusPoint Capital Management
19) Carlson Capital Management
20) Magnetar Capital
21) Whitebox Advisors
22) QVT Financial
23) Paloma Partners
24) Weiss Multi-Strategy Advisors
25) York Capital Management
Top Global Macro Hedge Funds and Family Offices
These hedge funds gained notoriety because of George Soros, arguably the
best and most famous hedge fund manager. Global macros typically
invest across fixed income, currency, commodity and equity markets.
George Soros, Carl Icahn, Stanley Druckenmiller, Julian Robertson have
converted their hedge funds into family offices to manage their own
money.
1) Soros Fund Management
2) Icahn Associates
3) Duquesne Family Office (Stanley Druckenmiller)
4) Bridgewater Associates
5) Pointstate Capital Partners
6) Caxton Associates (Bruce Kovner)
7) Tudor Investment Corporation (Paul Tudor Jones)
8) Tiger Management (Julian Robertson)
9) Discovery Capital Management (Rob Citrone)
10 Moore Capital Management
11) Rokos Capital Management
12) Element Capital
13) Bill and Melinda Gates Foundation Trust (Michael Larson, the man behind Gates)
Top Quant and Market Neutral Hedge Funds
These funds use sophisticated mathematical algorithms to make their
returns, typically using high-frequency models so they churn their
portfolios often. A few of them have outstanding long-term track records
and many believe quants are taking over the world.
They typically only hire PhDs in mathematics, physics and computer
science to develop their algorithms. Market neutral funds will
engage in pair trading to remove market beta. Some are large asset
managers that specialize in factor investing.
1) Alyeska Investment Group
2) Renaissance Technologies
3) DE Shaw & Co.
4) Two Sigma Investments
5) Cubist Systematic Strategies (a quant division of Point72)
6) Man Group
7) Analytic Investors
8) AQR Capital Management
9) Dimensional Fund Advisors
10) Quantitative Investment Management
11) Oxford Asset Management
12) PDT Partners
13) Angelo Gordon
14) Quantitative Systematic Strategies
15) Quantitative Investment Management
16) Bayesian Capital Management
17) SABA Capital Management
18) Quadrature Capital
19) Simplex Trading
Top Deep Value, Activist, Growth at a Reasonable Price, Event Driven and Distressed Debt Funds
These are among the top long-only funds that everyone tracks. They
include funds run by legendary investors like Warren Buffet, Seth
Klarman, Ron Baron and Ken Fisher. Activist investors like to make
investments in companies where management lacks the proper incentives to
maximize shareholder value. They differ from traditional L/S hedge
funds by having a more concentrated portfolio. Distressed debt funds
typically invest in debt of a company but sometimes take equity
positions.
1) Abrams Capital Management (the one-man wealth machine)
2) Berkshire Hathaway
3) TCI Fund Management
4) Baron Partners Fund (click here to view other Baron funds)
5) BHR Capital
6) Fisher Asset Management
7) Baupost Group
8) Fairfax Financial Holdings
9) Fairholme Capital
10) Gotham Asset Management
11) Fir Tree Partners
12) Elliott Investment Management (Paul Singer)
13) Jana Partners
14) Miller Value Partners (Bill Miller)
15) Highfields Capital Management
16) Eminence Capital
17) Pershing Square Capital Management
18) New Mountain Vantage Advisers
19) Atlantic Investment Management
20) Polaris Capital Management
21) Third Point
22) Marcato Capital Management
23) Glenview Capital Management
24) Apollo Management
25) Avenue Capital
26) Armistice Capital
27) Blue Harbor Group
28) Brigade Capital Management
29) Caspian Capital
30) Kerrisdale Advisers
31) Knighthead Capital Management
32) Relational Investors
33) Roystone Capital Management
34) Scopia Capital Management
35) Schneider Capital Management
36) ValueAct Capital
37) Vulcan Value Partners
38) Okumus Fund Management
39) Eagle Capital Management
40) Sasco Capital
41) Lyrical Asset Management
42) Gabelli Funds
43) Brave Warrior Advisors
44) Matrix Asset Advisors
45) Jet Capital
46) Conatus Capital Management
47) Starboard Value
48) Pzena Investment Management
49) Trian Fund Management
50) Oaktree Capital Management
52) Southeastern Asset Management
Top Long/Short Hedge Funds
These hedge funds go long shares they think will rise in value and short
those they think will fall. Along with global macro funds, they
command the bulk of hedge fund assets. There are many L/S funds but
here is a small sample of some well-known funds.
1) Adage Capital Management
2) Viking Global Investors
3) Greenlight Capital
4) Maverick Capital
5) Pointstate Capital Partners
6) Marathon Asset Management
7) Tiger Global Management (Chase Coleman)
8) Coatue Management
9) D1 Capital Partners
10) Artis Capital Management
11) Fox Point Capital Management
12) Jabre Capital Partners
13) Lone Pine Capital
14) Paulson & Co.
15) Bronson Point Management
16) Hoplite Capital Management
17) LSV Asset Management
18) Hussman Strategic Advisors
19) Cantillon Capital Management
20) Brookside Capital Management
21) Blue Ridge Capital
22) Iridian Asset Management
23) Clough Capital Partners
24) GLG Partners LP
25) Cadence Capital Management
26) Honeycomb Asset Management
27) New Mountain Vantage
28) Penserra Capital Management
29) Eminence Capital
30) Steadfast Capital Management
31) Brookside Capital Management
32) PAR Capital Capital Management
33) Gilder, Gagnon, Howe & Co
34) Brahman Capital
35) Bridger Management
36) Kensico Capital Management
37) Kynikos Associates
38) Soroban Capital Partners
39) Passport Capital
40) Pennant Capital Management
41) Mason Capital Management
42) Tide Point Capital Management
43) Sirios Capital Management
44) Hayman Capital Management
45) Highside Capital Management
46) Tremblant Capital Group
47) Decade Capital Management
48) Suvretta Capital Management
49) Bloom Tree Partners
50) Cadian Capital Management
51) Matrix Capital Management
52) Senvest Partners
53) Falcon Edge Capital Management
54) Park West Asset Management
55) Melvin Capital Partners (Plotkin shut down Melvin after reeling rom Redditor attack)
56) Owl Creek Asset Management
57) Portolan Capital Management
58) Proxima Capital Management
59) Tourbillon Capital Partners
60) Impala Asset Management
61) Valinor Management
62) Marshall Wace
63) Light Street Capital Management
64) Rock Springs Capital Management
65) Rubric Capital Management
66) Whale Rock Capital
67) Skye Global Management
68) York Capital Management
69) Zweig-Dimenna Associates
Top Sector and Specialized Funds
I like tracking activity funds that specialize in real estate, biotech,
healthcare, retail and other sectors like mid, small and micro caps.
Here are some funds worth tracking closely.
1) Avoro Capital Advisors (formerly Venbio Select Advisors)
2) Baker Brothers Advisors
3) Perceptive Advisors
4) RTW Investments
5) Healthcor Management
6) Orbimed Advisors
7) Deerfield Management
8) BB Biotech AG
9) Birchview Capital
10) Ghost Tree Capital
11) Soleus Capital Management
12) Oracle Investment Management
13) Palo Alto Investors
14) Consonance Capital Management
15) Camber Capital Management
16) Redmile Group
17) Casdin Capital
18) Bridger Capital Management
19) Boxer Capital
21) Bridgeway Capital Management
22) Cohen & Steers
23) Cardinal Capital Management
24) Munder Capital Management
25) Diamondhill Capital Management
26) Cortina Asset Management
27) Geneva Capital Management
28) Criterion Capital Management
29) Daruma Capital Management
30) 12 West Capital Management
31) RA Capital Management
32) Sarissa Capital Management
33) Rock Springs Capital Management
34) Senzar Asset Management
35) Paradigm Biocapital Advisors
36) Sphera Funds
37) Tang Capital Management
38) Thomson Horstmann & Bryant
39) Ecor1 Capital
40) Opaleye Management
41) NEA Management Company
42) Sofinnova Investments
43) Great Point Partners
44) Tekla Capital Management
45) Van Berkom and Associates
Mutual Funds and Asset Managers
Mutual funds and large asset managers are not hedge funds but their
sheer size makes them important players. Some asset managers have
excellent track records. Below, are a few funds investors track closely.
1) Fidelity
2) BlackRock Inc
3) Wellington Management
4) AQR Capital Management
5) Sands Capital Management
6) Brookfield Asset Management
7) Dodge & Cox
8) Eaton Vance Management
9) Grantham, Mayo, Van Otterloo & Co.
10) Geode Capital Management
11) Goldman Sachs Group
12) JP Morgan Chase& Co.
13) Morgan Stanley
14) Manulife Asset Management
15) UBS Asset Management
16) Barclays Global Investor
17) Epoch Investment Partners
18) Thornburg Investment Management
19) Kornitzer Capital Management
20) Batterymarch Financial Management
21) Tocqueville Asset Management
22) Neuberger Berman
23) Winslow Capital Management
24) Herndon Capital Management
25) Artisan Partners
26) Great West Life Insurance Management
27) Lazard Asset Management
28) Janus Capital Management
29) Franklin Resources
30) Capital Research Global Investors
31) T. Rowe Price
32) First Eagle Investment Management
33) Frontier Capital Management
34) Akre Capital Management
35) Brandywine Global
36) Brown Capital Management
37) Victory Capital Management
38) Orbis Allan Gray
39) Ariel Investments
40) ARK Investment Management
Canadian Asset Managers
Here are a few Canadian funds I track closely:
1) Addenda Capital
2) Letko, Brosseau and Associates
3) Fiera Capital Corporation
4) West Face Capital
5) Hexavest
6) 1832 Asset Management
7) Jarislowsky, Fraser
8) Connor, Clark & Lunn Investment Management
9) TD Asset Management
10) CIBC Asset Management
11) Beutel, Goodman & Co
12) Greystone Managed Investments
13) Mackenzie Financial Corporation
14) Great West Life Assurance Co
15) Guardian Capital
16) Scotia Capital
17) AGF Investments
18) Montrusco Bolton
19) CI Investments
20) Venator Capital Management
21) Van Berkom and Associates
22) Formula Growth
23) Hillsdale Investment Management
Pension Funds, Endowment Funds, Sovereign Wealth Funds and the Fed's Swiss Surrogate
Last but not least, I the track activity of some pension funds,
endowment, sovereign wealth funds and the Swiss National Bank (aka the Fed's Swiss surrogate). Below, a
sample of the funds I track closely:
1) Alberta Investment Management Corporation (AIMco)
2) Ontario Teachers' Pension Plan
3) Canada Pension Plan Investment Board
4) Caisse de dépôt et placement du Québec
5) OMERS Administration Corp.
6) Healthcare of Ontario Pension Plan (HOOPP)
7) British Columbia Investment Management Corporation (BCI)
8) Public Sector Pension Investment Board (PSP Investments)
9) PGGM Investments
10) APG All Pensions Group
11) California Public Employees Retirement System (CalPERS)
12) California State Teachers Retirement System (CalSTRS)
13) New York State Common Fund
14) New York State Teachers Retirement System
15) State Board of Administration of Florida Retirement System
16) State of Wisconsin Investment Board
17) State of New Jersey Common Pension Fund
18) Public Employees Retirement System of Ohio
19) STRS Ohio
20) Teacher Retirement System of Texas
21) Virginia Retirement Systems
22) TIAA CREF investment Management
23) Harvard Management Co.
24) Norges Bank
25) Nordea Investment Management
26) Korea Investment Corp.
27) Singapore Temasek Holdings
28) Yale Endowment Fund
29) Swiss National Bank (aka, the Fed's Swiss surrogate)
In this conversation, Druckenmiller shares his approach to major trades, like his groundbreaking bet against the British pound, and offers a unique perspective on today’s market, discussing inflation risks, AI’s potential in investing, and what keeps him ahead of the curve. The investor shares his reflections on the Fed’s role, the future of tech, and lessons learned from mentor George Soros.
I'll repeat, this is BY FAR the best interview on markets I've seen in a very long time, a must watch.Also, David Einhorn, president at Greenlight Capital, joins CNBC's Delivering Alpha 2024 to discuss why he believes the current market is broken, where he sees a massive investment opportunity, and more.