Legendary investor Stan Druckenmiller says stock market is ‘very convinced’ about who will win the 2024 presidential election

Legendary investor Stan Druckenmiller has said that the stock market is ‘convinced’ that Donald Trump will win the presidential election. 

‘I would have to guess Trump is the favorite to win the election,’ the billionaire said during an interview with Bloomberg earlier this month. 

‘It’s an evolving situation, and if you had asked me this 12 days ago, I would have said, “I don’t have a clue, it’s still a total toss-up, and I don’t have any conviction who is going to win the election,”‘ he continued.

Druckenmiller, a hedge fund manager and founder of Duquesne Family Office, said the market appears very convinced that the former president will win in November – and industries that are deregulated will likely benefit.

It comes amid reports that some large hedge funds managers, including Dan Loeb, are getting behind trades that could pay out if Trump is elected next month. 

The billionaire did not endorse either Trump or Vice President Kamala Harris however, saying that he will likely not vote for either. 

He says he believes their industrial policies are equally bad for free market capitalism, and Harris’s policies are ‘worse’ for business and regulation. 

‘I don’t judge anyone who wants to vote for Trump, but for me, it’s just a red line, so I’ll probably write in someone when I get to the polls,’ he said. 

Druckenmiller’s comments come as major hedge funds are positioning themselves to profit if Donald Trump wins, according to the Wall Street Journal.

Big fund managers have sensed a shirt in momentum away from Kamala Harris – and are buying stocks that would benefit from a Republican victory, such as those linked to prisons.

For example, GEO Group, a private-prison operator, has jumped 21 percent this October, on track for its best month since 2022, while bitcoin miner Riot Platforms has surged 34 percent.

Dan Loeb, a prominent hedge fund manager, believes a Trump win is becoming more likely. 

His $11 billion firm, Third Point, is ramping up investments in stocks and options that stand to benefit, while moving away from companies that may not thrive under a Republican administration.

It comes as fellow investor Warren Buffett made it known that he won’t be endorsing Harris or Trump for president. 

A memo from the ‘Sage of Omaha’s’ firm released Wednesday said he wouldn’t be taking a stance in the election and any other suggestion would be ‘fraudulent’. 

Meanwhile Jamie Dimon, CEO of JPMorgan – the largest bank in the US – has reportedly privately endorsed Harris, despite keeping quiet publicly.