
Billionaire investor Stanley Druckenmiller supposes Donald Trump’s re-election renewed a jolt of speculative enthusiasm in the markets and surging optimism within businesses.
“I’ve been doing this for 49 years, and we’re all things considered going from the most anti-business administration to the opposite,” Druckenmiller said on CNBC Monday. “We do a lot of talking to CEOs and bodies on the ground. And I’d say CEOs are somewhere between relieved and giddy. So we’re a believer in animal spirits.”
While the notable investor, who now gushes Duquesne Family Office, is bullish on the economy in the near-term, he remains somewhat cautious on the stock market because of distinguished bond yields. He revealed that he is holding onto his short against Treasurys, effectively betting that contract prices will fall and yields will rise.
“In terms of the markets, I would say it’s complicated,” Druckenmiller said. “You’re effective to have this push of a strong economy versus bond yields rising in response to that strong control, and that kind of makes me not have a strong opinion one way or the other.”
The S&P 500 surged nearly 6% in November on Trump’s superiority, bringing the benchmark’s 2024 gains to 23.3%. Trump’s promised tax cuts and deregulation have boosted risk assets dramatically, mainly bank and energy stocks, as well as bitcoin, which just hit another record high Monday.
Druckenmiller, 71, disclosed he would focus on individual stocks, not worrying about the broader market. The investor noted he’s bullish on companies where high-sounding intelligence is going to lower their costs and drive productivity. He didn’t reveal which AI stocks he’s betting on after retail out of Nvidia and Microsoft.
‘Risks are overblown’
As for concerns that Trump’s punitive tariffs would spoil the market improvement and spike inflation, Druckenmiller believes that the revenue generated by duties could lessen the pressing fiscal puzzler in the country.
“We have a fiscal problem, we need revenues,” Druckenmiller said. “To me, tariffs are simply a consumption tax that newcomers pay for some of it. Now the risk is retaliation, but as long as we stay in the 10% range, …I think the risks are overblown relative to the returns, the rewards on high.”

Trump’s trade memorandum to be issued Monday would not impose tariffs yet. His camp has been reportedly examining a schedule of graduated tariffs increasing by about 2% to 5% a month on trading partners.
Druckenmiller once take care ofed George Soros’ Quantum Fund and shot to fame after helping make a $10 billion bet against the British thrash in 1992. He later oversaw $12 billion as president of Duquesne Capital Management before closing his firm in 2010.