Loading ...One thing to note: Druckenmiller kept, and even levered up his investment in gold, converting his equity exposure in GLD into call options of the same underlying.
Some of the most closely watched money managers are retreating from U.S. stocks after the market has more than tripled from its 2008 low. Druckenmiller, who produced average annual returns of 30 percent from 1986 through 2010 at his Duquesne Capital Management, told an investor conference earlier this month that his outlook on equities could turn negative. Tepper, Appaloosa’s billionaire founder, said in September that he’s not as optimistic on the stock market as he could be because expectations for corporate earnings were high.
Druckenmiller’s Duquesne Family Office sold out of 18 equity positions in the third quarter, led by a $324 million stake in an exchange-traded fund that tracks gold prices, and reported seven new positions. Moore divested 187 investments, such as Chinese search engine Baidu Inc., while adding 81 new stakes. Appaloosa got out of seven stocks, including Alibaba Group Holding Ltd., and reported five new holdings.
“I’m not as bullish as I could be because I have problems with earnings growth, problems with multiples,”
http://www.zerohedge.com/news/2015-11-17/top-hedge-funds-dump-stocks-q3-complete-13-f-summary