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George Soros bets against a Trump presidency and loses big.
According to The Wall Street Journal, the billionaire financial speculator George Soros has lost a significant amount of capital after making a series of bad financial calls relating to the election of Donald Trump to the office of POTUS.
He must be furious!
It is being reported that Soros misread the mood of the markets following Trump’s election. Soros, and indeed the majority of Wall Street analysts and financial speculators, believed that if Trump was elected that the markets would panic in the face of uncertainty. Soros, who contributed millions to a super PAC backing the Hillary Clinton campaign, was especially certain that a Trump presidency would precipitate market freefall. On several occasions, Soros has made his opposition to Donald Trump clear, referring to him as a ‘would-be dictator’ and theorizing about the potential long-term ill-effects on democracy caused by his time in office. Therefore it is likely that he was predisposed to think negatively when making his financial choices following the news of Trump’s victory.
However, Soros’s fears turned out to be unfounded. The Dow Jones industrial average is up nearly 10% since November 8th, and all three of the major United States stock indexes have hit all-time highs.
Interestingly, one of Soros’s pupils Stanley Druckenmiller has made a significant amount of money in the aftermath of the election. He correctly assumed that the market would not slump following a Trump victory. This bet has certainly paid off for him and his firm which The Wall Street Journal reports has gained 10% in the past year. Another hedge fund manager who made the same call was Carl Ichan who claimed that he bought $1 billion worth of stock futures as the market reeled in shock on election night. He has now made significant returns on his investments.
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