Sohn Conference Foundation

Stan Druckenmiller recently had a conversation at the 2023 Sohn Investment Conference on May 9. Druckenmiller is the CEO of the Duquesne Family Office and a prominent American Investor.

Within the conversation, Druckenmiller shared how he felt about the economy, mentioning that he was looking at the "biggest and probably broadest asset bubble" that he has ever seen but has not yet been able to study.

He also commented on entitlements in the US, saying that the option was to either cut them now or having to cut them later. However, Druckenmiller warned that cutting them later would worsen the situation.

Druckenmiller: “They say how bad it would be for current seniors if we were to do something on entitlements. Well what about future seniors? Why should current seniors get a $1.00, or 100% of the loaf, and future seniors get zero? It makes no sense to me.”

He also commented on a hard landing, questioning whether creative destruction and Capitalism should be allowed to do their thing. Druckenmiller then said that if that would happen, there would be a chance to revive "what's made America great for 200 years."

Investor Jeremy Grantham gave a statement in February about bubbles, sharing that the stock market could crash 50% this year. He also said this could happen as the bubble enters its "final phase."

During that time, Grantham shared how he believed that valuations remained too high despite a 20% decline in 2022. The investor notes that the base-case scenario calls for the S&P 500 to fall 20% to 3,200 by the end of 2023.

He cited different issues that were biting into growth prospects, including climate change damage, raw materials shortages, and the declining population.

Last month, Bank of America shared how money market funds were the "next bubble."

See flow at unusualwhales.com/flow.

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