George Soros Shifting His Money Around… Sees What Trump Sees

George Soros, founder of Soros Fund Management LLC, takes part in a panel discussion at the International Monetary Fund (IMF) and World Bank annual fall meeting in Washington, D.C., U.S., on Saturday, Sept. 24, 2011. The IMF said it is ready to "strongly support" European nations in their efforts to resolve the region's sovereign debt crisis. Photographer: Joshua Roberts/Bloomberg *** Local Caption *** George Soros

Soros warns of risks with Chinese economy, cuts U.S. stock by 37 percent, and makes investment into a new market.

In April, Donald Trump also warned that investors should stay away from stocks, saying it is a “terrible time to invest in the stock market.” He said he believes the U.S. economy is on the brink of a major recession.  “I think we’re sitting on an economic bubble. A financial bubble,” Trump said.

From Bloomberg:

Billionaire George Soros cut his firm’s investments in U.S. stocks by more than a third in the first quarter and bought a $264 million stake in the world’s biggest bullion producer Barrick Gold Corp.

The value of Soros Fund Management’s publicly disclosed holdings dropped by 37 percent to $3.5 billion as of the end of the last quarter, according to a government filing Monday. Soros acquired 1.7 percent of Barrick, making it the firm’s biggest U.S.-listed holding. Soros also disclosed owning call options on 1.05 million shares in the SPDR Gold Trust, an exchange-traded fund that tracks the price of gold.

Soros, who built a $24 billion fortune through savvy wagers on markets, has warned of risks stemming from China’s economy, arguing its debt-fueled economy resembles the U.S. in 2007-08, before credit markets seized up and spurred a global recession. In January, the former hedge fund manager turned philanthropist said a hard landing in China was “practically unavoidable,” adding that such a slump would worsen global deflationary pressures, drag down stocks and boost U.S. government bonds.

Soros sold a stake in Level 3 Communications Inc. which was worth $173 million as of Dec. 31 and a holding in Dow Chemical Co. that was worth $161 million. The family office also divested its stakes in Endo International Plc and Delta Air Lines Inc.

Read more on this story at Bloomberg

 







 

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