Stanley Druckenmiller fears a recession but isn't betting against stocks. Here's why.

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The former right-hand man of George Soros is going to the office but not doing anything.

Here’s one: “Currently, I’m going in every day, and I’m looking at my screen, but I’m pretty much taking a break.”

Granted, that’s not a woke 20-something but Stanley Druckenmiller, the 68-year-old investing legend who runs the Duquesne Family Office and managed money for George Soros. He has a reason for his inactivity. At the end of the first quarter, his top positions were South Korean online marketplace Coupang CPNG , Microsoft MSFT , miner Freeport-McMoRan FCX , Amazon.com AMZN and Chevron CVX , according to his 13-F filing. The Freeport-McMoRan and Chevron holdings fit with his comment that he has owned key commodities including oil, gold and copper this year, while betting against fixed income and stocks.

Netflix NFLX , Roblox RBLX , and eBay EBAY were among a host of internet stocks that Goldman Sachs has downgraded to sell. Netflix, eBay, and Frontdoor FTDR , which also was downgraded, each fell 4%.

 

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Because he’s not going to tell you his strategy

We’re already in a recession.

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