CNBC, Released on 9/9/20
The stock market is in a mania fueled by the Federal Reserve and investor speculation that will end badly in the coming years, longtime hedge fund manager Stanley Druckenmiller told CNBC’s “Squawk Box” on Wednesday.
Stanley Druckenmiller is an American investor, hedge fund manager and philanthropist. He is the former chairman and president of Duquesne Capital, which he founded in 1981. He closed the fund in August 2010 because he felt unable to deliver high returns to his clients. At the time of closing, Duquesne Capital had over $12 billion in assets. From 1988 to 2000, he managed money for George Soros as the lead portfolio manager for Quantum Fund. He is reported to have made $260 million in 2008.