Pacific Investment Management Co.’s Bill Gross said that wealthy Americans, having reaped the benefits of favorable tax treatment, should be willing to pay a greater share to bolster the prospects of the working class.
Hedge-fund icon Stanley Druckenmiller is quitting the business after three decades, telling investors he’d been worn down by the stress of trying to maintain one of the best trading records in the industry while managing an “enormous amount of capital.”
Stanley Druckenmiller, who boasts one of the hedge-fund industry’s best long-term track records of the past three decades, said it would be a “big deal” for financial markets if the Federal Reserve were to completely end its asset purchases as outlined over the next 12 months.
Hedge-fund managers from Stanley Druckenmiller to Fortress Investment Group LLC’s Michael Novogratz and Passport Capital LLC’s John Burbank said U.S. stocks would continue to do well this year even if the Federal Reserve gradually reduces its asset purchases, a move the central bankers resisted today.
U.S. stocks rose, sending the Standard & Poor’s 500 Index to a seventh straight gain, after President Barack Obama asked Congress to delay a vote authorizing a military strike against Syria. Treasuries rallied as a $21 billion auction drew the highest demand in six months.
Stanley Druckenmiller, the billionaire hedge-fund manager who returned an average of 30 percent a year from 1986 through 2010, said the long rally by commodities is over as China switches to consumption-led growth rather than investing in infrastructure.
Stanley Druckenmiller is backing Mark Zuckerberg’s efforts to bring about immigration reform in the U.S., becoming the first Wall Street veteran to contribute to the Facebook Inc. founder’s bipartisan advocacy group.