Druckenmiller Sounds the Alarm

Hedge fund legend Stan Druckenmiller is out sounding the alarm that the current economic backdrop does not warrant the Federal Reserve maintaining highly accomodative policies including ZIRP:

“I feel more like it was in ’04 when every bone in my body said this is a bad risk/reward, but I can’t figure out how it’s going to end. I just know it’s going to end badly, and a year and a half later we figure out it was housing and subprime. I feel the same way now.”

Meanwhile, the increase in total world equity market valuation since the 2009 bottom is unprecedented:


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