that there is a"massive, massive raging mania in financial assets" fueled by the Fed that has not spilled over onto Main Street and will lead to challenges for potentially the next five years.
"I have no clue where the markets are going to go in the near term," Druckenmiller said."But I just want to remind people that there is no valuation support because we drop 10%. That hasn't mattered, because we're so far out the valuation realm with the Fed doing what they're doing ... I would say the next three to five years are going to be very, very challenging."
The head of Duquesne Family Office said that Fed Chair Jerome Powell did"a great job in March" after cutting rates, but that the follow-up market rally has been"excessive." Even though Tuesday marked the's third straight day of losses, the index has still rebounded roughly 48% from its March 23 intraday low.
"Look, everybody loves a party ... but inevitably after a big party there's a hangover, and right now we're in an absolute raging mania," he added. One example of the mania is the performance of large companies splitting their stocks. Druckenmiller said these splits create no value, but the stocks of the companies continue to go higher, sometimes by 50%, after the split.
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Chandranand2 yup that is what I say
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