{"id":13254,"date":"2016-05-09T03:18:33","date_gmt":"2016-05-09T07:18:33","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13254"},"modified":"2016-05-09T03:18:33","modified_gmt":"2016-05-09T07:18:33","slug":"stan-druckenmiller-this-is-the-endgame-zero-hedge","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/05\/09\/stan-druckenmiller-this-is-the-endgame-zero-hedge\/","title":{"rendered":"Stan Druckenmiller: This Is The Endgame | Zero Hedge"},"content":{"rendered":"<p>Hedge fund legend Stan Druckenmiller, founder of Duquesne, addressing the Sohn Conference:<\/p>\n<blockquote><p>&#8230;.The Fed has no end game. The Fed\u2019s objective seems to be getting by another 6 months without a 20% decline in the S&amp;P and avoiding a recession over the near term. In doing so, they are enabling the opposite of needed reform and increasing, not lowering, the odds of the economic tail risk they are trying to avoid. At the government level, the impeding of market signals has allowed politicians to continue to ignore badly needed entitlement and tax reform.<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/news\/2016-05-07\/stan-druckenmiller-endgame-his-full-apocalyptic-presentation\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/05\/druck204_0.jpg?w=525&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<p>Look at the slide behind me. The doves keep asking where is the evidence of mal-investment? As you can see, the growth in operating cash flow peaked 5 years ago and turned negative year over year recently even as net debt continues to grow at an incredibly high pace. Never in the post-World War II period has this happened. Until the cycle preceding the great recession, the peaks had been pretty much coincident. Even during that cycle, they only diverged for 2 years, and by the time EBITDA turned negative year over year, as it has today, growth in net debt had been declining for over 2 years. Again, the current 5-year divergence is unprecedented in financial history!<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/news\/2016-05-07\/stan-druckenmiller-endgame-his-full-apocalyptic-presentation\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/05\/druck205_0.jpg?w=525&#038;ssl=1\" alt=\"\" \/><\/a><\/p>\n<p>And if this wasn\u2019t disturbing enough, take a look at the use of that debt in this cycle. While the debt in the 1990\u2019s financed the construction of the internet, most of the debt today has been used for financial engineering, not productive investments&#8230;.<\/p><\/blockquote>\n<p>Source: <a href=\"http:\/\/www.zerohedge.com\/news\/2016-05-07\/stan-druckenmiller-endgame-his-full-apocalyptic-presentation\">For Stan Druckenmiller This Is &#8220;The Endgame&#8221; &#8211; His Full &#8216;Apocalyptic&#8217; Presentation | Zero Hedge<\/a><\/p>\n<p><em>Hat tip to Houses &amp; Holes at Macrobusiness.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hedge fund legend Stan Druckenmiller, founder of Duquesne, addressing the Sohn Conference: &#8230;.The Fed has no end game. The Fed\u2019s objective seems to be getting by another 6 months without a 20% decline in the S&amp;P and avoiding a recession over the near term. In doing so, they are enabling the opposite of needed reform &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/05\/09\/stan-druckenmiller-this-is-the-endgame-zero-hedge\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Stan Druckenmiller: This Is The Endgame | Zero Hedge&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,45,15,34],"tags":[],"class_list":["post-13254","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-debt-levels","category-investment-infrastructure","category-us-canada-countries-regions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Stan Druckenmiller: This Is The Endgame | Zero Hedge - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stan Druckenmiller: This Is The Endgame | Zero Hedge - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Hedge fund legend Stan Druckenmiller, founder of Duquesne, addressing the Sohn Conference: &#8230;.The Fed has no end game. The Fed\u2019s objective seems to be getting by another 6 months without a 20% decline in the S&amp;P and avoiding a recession over the near term. 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His record of compounding assets at 30%+ per year for 30 straight years is unmatched.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/GoD-dIDzzfA\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":28513,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/10\/26\/snippets-druckenmiller-raging-mania\/","url_meta":{"origin":13254,"position":2},"title":"Stan Druckenmiller: &#8220;Raging mania&#8221;","author":"Colin Twiggs","date":"October 26, 2021","format":false,"excerpt":"\ufeff The stock market is in a mania fueled by the Federal Reserve and investor speculation that will end badly in coming years, longtime hedge fund manager Stanley Druckenmiller told CNBC on Wednesday..... \u201cI have no clue where the market is going to go in the near term. I don\u2019t\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41982,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/05\/06\/norges-bank-geopolitics\/","url_meta":{"origin":13254,"position":3},"title":"Norges Bank | Geopolitics","author":"Colin Twiggs","date":"May 6, 2023","format":false,"excerpt":"A lengthy video but some top-quality speakers like former British foreign secretary, Lord William Hague (0:04) and Stan Druckenmiller (2:05). https:\/\/players.brightcove.net\/2821697658001\/pUgNKzNJLT_default\/index.html?videoId=6326209869112 Transcript of Stan Druckenmiller's talk.","rel":"","context":"In &quot;The Big Picture&quot;","block_context":{"text":"The Big Picture","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/the-big-picture\/"},"img":{"alt_text":"Lord William Hague","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-05-hague.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-05-hague.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-05-hague.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2023\/2023-05-05-hague.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":31638,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/03\/23\/the-stock-market-mania\/","url_meta":{"origin":13254,"position":4},"title":"The stock market mania","author":"Colin Twiggs","date":"March 23, 2022","format":false,"excerpt":"Stan Druckenmiller says that the bull market reminds him of the Dotcom boom, but he cautioned that asset prices could continue rising for a while: \"I have no doubt that we are in a raging mania in all assets.\" Jeremy Grantham describes the market as \"a fully fledged epic bubble\":\u2026","rel":"","context":"In &quot;GDP and Activity&quot;","block_context":{"text":"GDP and Activity","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/gdp-and-activity\/"},"img":{"alt_text":"Market Cap\/Corporate Profits After Tax","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-22-mktcap-npat.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-22-mktcap-npat.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-22-mktcap-npat.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-03-22-mktcap-npat.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":45057,"url":"https:\/\/thepatientinvestor.com\/index.php\/2023\/10\/31\/stan-druckenmillers-macro-outlook\/","url_meta":{"origin":13254,"position":5},"title":"Stan Druckenmiller&#8217;s macro outlook","author":"Colin Twiggs","date":"October 31, 2023","format":false,"excerpt":"https:\/\/youtu.be\/dmrrt7aCXhY?si=cPSyp_XI2uw5Tbp_&t=25 \"....We need to make an adjustment fundamentally and price wise. And if you look at the market, in the non-QE world, free world, 15 times earnings was about right. We're at 20 times earnings. I don't know what we're doing 20 times earnings. 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