The market’s comeback from coronavirus lows caused two Wall Street greats to change their minds
Few traders have had careers as long and stellar as Stanley Druckenmiller and Paul Tudor Jones.
Rarer still, however, is for both of those investors in the same week to describe themselves as “humbled” by what they’re seeing in the stock market.
But both Druckenmiller and Jones said the S&P 500’s robust rally since March left them perplexed and wondering how, amid a global pandemic and civil unrest, the index could have rebounded with such strength.
After all, even with Thursday’s steep losses, the index is up 37% since its March low.
They and others now say that a combination of unprecedented monetary and fiscal stimulus appears to have pacified the market in a way they’ve never seen before.
“Let me tell you, if there was a franchise for humble pie, oh my lord there’d be a mile long to own that because we’ve all had huge gulps of it …continued .
[Source: CNBC News]