Ten years ago, Stanley Druckenmiller issued a dire warning …
Druckenmiller is one of the world’s greatest investors. He is famous for forcing the devaluation of the British pound in 1992. He was working for hedge fund legend George Soros at the time. This trade generated more than $1 billion.
He also founded hedge fund Duquesne Capital in 1981. Over the next 30 years, he averaged 30% annual returns. That’s more than four times better than the S&P 500 over the same time frame. In fact, Druckenmiller never had a losing year over his 30 years at the fund.
A few years before the credit crisis, Druckenmiller warned investors that Federal Reserve Chairman Alan Greenspan was creating an “epic mortgage bubble, which was sure to crash.” If you followed his advice, you probably saved a lot of money, as stocks plunged by more than 30% in 2008.