Billionaire investor George Soros lost nearly $1 billion after the stock market rallied following Donald Trump’s surprise Election Day victory, The Wall Street Journalreported Thursday. Sources familiar with the hedge fund manager’s trading said he remained cautious going into the November election and then made the mistake of becoming more bearish immediately after Mr. Trump’s win. The stock market rallied on expectations that Mr. Trump’s policies would boost the economy, causing Mr. Soros’ trading positions to incur losses approaching $1 billion, sources told The Journal. “Mr. Soros adjusted his positions and exited many of his bearish bets late last year, avoiding further losses,” The Journal reported. Meanwhile, Stanley Druckenmiller, Mr. Soros’ former deputy, anticipated the rally and exited bearish positions on the night of the election, gaining a sizable profit, sources told The Journal. Mr. Soros’s hedge fund, Soros Fund Management, manages about $30 billion for him and his family.
One word.. Karma. 🙂