Bloomberg:

George Soros lost nearly $1 billion as a result of the stock-market rally spurred by Donald Trump’s surprise presidential election, the Wall Street Journal reported.

But Stanley Druckenmiller, Soros’s former deputy who helped him score $1 billion of profits betting against the British pound in 1992, anticipated the market’s recent climb and had sizable gains, the newspaper reported Thursday, citing sources it didn’t identify.

Soros became more bearish immediately after Trump’s election. But the stock market has rallied on expectations that Trump’s policies will boost corporate earnings and the overall economy. The S&P 500 Index has risen 5.6 percent since Trump’s election through yesterday.

As a result, some of Soros’s trading positions incurred losses approaching $1 billion, the Journal said. Soros exited many of his bearish bets late last year, avoiding further losses. The broader portfolio held by Soros’s firm performed better. His firm gained about 5 percent on the year, according to the report.

Go to link