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Billionaire investor Stanley Druckenmiller unloads on the unstoppable machines disrupting markets, and explains how they have kept him from dominating
Stanley Druckenmiller has made billions by reading market signals and investing accordingly.
But as machine-driven passive-investment strategies have exploded in popularity over the past decade, those signals have all but vanished.
That has resulted in a treacherous environment unlike any Druckenmiller previously experienced in his long, fruitful career – one that’s seen him lead George Soros’ Quantum Fund and later become chairman and president of his own $US12 billion hedge fund.
Stocks get whacked as the 10-year hits its highest level in over 7 years
US equity markets were under pressure Thursday as Treasury yields touched their highest levels in over seven years. Selling weighed heaviest on the tech-heavy Nasdaq, which saw losses in excess of 2%. The Dow Jones industrial average and the S&P 500 were both lower by more than 1.2%.
Tuesday’s weakness comes as the benchmark 10-year Treasury yield raced above 2.30% for the first time since the spring of 2011. The 10-year had rallied more than 15 basis points since Tuesday’s close after a strong private-sector payrolls reading fuelled speculation that the Federal Reserve would hike interest rates more quickly than expected. Those rate hikes would make it more expensive for companies to borrow money, and potentially choke off economic growth sooner than anticipated.
Ripple’s Chris Larsen makes Forbes 400 as the world’s richest crypto tycoon
On Thursday, Ripple co-founder Chris Larsen graced the Forbes 400 as the 383rd richest person on Earth.
Larsen’s addition to the list is noteworthy: He’s the first person to ever make the list with a fortune amassed almost exclusively from cryptocurrencies.
Forbes estimates Larsen’s current net worth to be $US2.1 billion. While that may seem like a lot, it’s a steep decline from what Forbes’ estimated to be Larsen’s total $US37.3 billion net worth in January of this year.
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