Legendary investor Stan Druckenmiller says stock market is ‘very convinced’ about who will win the 2024 presidential election

Legendary investor Stan Druckenmiller has said the stock market is “convinced” Donald Trump will win the presidential election.

“I would have to guess that Trump is the favorite to win the election,” the billionaire said during an interview with Bloomberg earlier this month.

“The situation is evolving, and if you had asked me this twelve days ago, I would have said, ‘I have no idea, it’s still a total toss-up, and I have no conviction whatsoever as to who is going to win the election.” , he continued.

Druckenmiller, a hedge fund manager and founder of Duquesne Family Office, said the market seems very confident the former president will win in November — and that industries that have been deregulated are likely to benefit.

It comes in the middle reports that some major hedge fund managers, including Dan Loeb, are behind trades that could pay off if Trump is elected next month.

The billionaire did not support either Trump or Vice President Kamala Harris, but said he is unlikely to vote for either.

He says he believes their industrial policies are equally bad for free-market capitalism, and that Harris’ policies are “worse” for business and regulation.

“I don’t condemn anyone who wants to vote for Trump, but for me it’s just a red line, so I’ll probably register someone when I go to the polls,” he said.

Druckenmiller’s comments come as major hedge funds position themselves to benefit if Donald Trump wins. according to the Wall Street Journal.

Major fund managers sense Kamala Harris is on a roll — and are buying stocks that would benefit from a Republican victory, such as stocks linked to prisons.

For example, private prison operator GEO Group is up 21 percent in October, on track for its best month since 2022, while bitcoin miner Riot Platforms is up 34 percent.

Dan Loeb, a prominent hedge fund manager, believes a Trump victory is increasingly likely.

His $11 billion company, Third Point, is ramping up investments in stocks and options that will benefit, while steering away from companies that might not thrive under a Republican administration.

It comes as fellow investor Warren Buffett announced he will not support Harris or Trump for president.

A memo released Wednesday from the Sage of Omaha’s firm said he would not take a position in the election and that any other suggestion would be “fraudulent.”

Meanwhile, Jamie Dimon, CEO of JPMorgan – the largest bank in the US – has reportedly personally supported Harris, despite his public silence.