Billionaire investor Stanley Druckenmiller said he sold all of his just gold before Donald Trump was elected president.
"I sold all my gold on the night of the election," Druckenmiller told CNBC. "All the reasons I have owned it for the last couple of years, it seems to me they may be ending. And by the way, they're ending globally," said the chairman and chief executive officer of the Duquesne Family Office.
He said he's betting on growth by shorting bonds globally and he likes stocks that respond to growth. He also likes prospects for the dollar, especially against the euro, CNBC reported.
"It's as hopeful as I've been in a long time." He added, "I would not be surprised if we're not looking at the peak of the divisiveness," he said.
"I'm very hopeful and optimistic on what it means,” he said of the Trump presidency. “The fears of protectionism, while valid, are greatly oversized relative to the benefits to the other parts of the economy [from deregulation and tax reform]," he said.
"This economy is so over-regulated and people are just drowning in red tape, that the removal of that, and I'm expecting serious tax reform, cuts to the corporate tax rate. ... So I'm quite, quite optimistic on the economy," he said.
Since Republicans maintained control of the House and Senate while winning the White House, Druckenmiller said "this is the greatest chance" to get tax reform and regulation passed.
"[But] I hope economic policy is deferred to Mike Pence and Paul Ryan," he said, referring to the vice president-elect and the speaker of the House. He pointed out he did not support Trump or Hillary Clinton. He had supported John Kasich for the Republican nomination.
"I have a large bet on economic growth. ... I'm short bonds globally. ... I'm short U.S. bonds [due to stronger future growth]. I like the sectors of the equity market that respond to growth [like] value and materials, not things like staples or traditional growth stocks. ... I really like the [U.S.] dollar, particularly against the euro."
But he cautioned: "I don't think Donald Trump is Ronald Reagan," Druckenmiller added.
But a former Reagan administration official helped Trump craft his economic strategy.
Veteran financial guru Larry Kudlow, who served as the Trump campaign's senior economic adviser, tells Newsmax TV that Donald Trump will live up to his campaign vows to restore prosperity to all Americans and the nation we all love.
"Donald Trump has a very strong economic growth message which is going to be great for the economy and for profits and for businesses large and small," Kudlow said Wednesday to Steve Malzberg on "America Talks Live."
Kudlow, a Newsmax Finance Insider and CNBC senior contributor, said the billionaire real-estate tycoon, who beat Democratic rival Hillary Clinton Tuesday, was successful because he understands the dissatisfaction of "ordinary middle-class folk."
Kudlow — host of "The Larry Kudlow Show" and author of "JFK and the Reagan Revolution: A Secret History of American Prosperity," written with Brian Domitrovic and published by Portfolio — said Trump's economic message temporarily got lost causing an hours-long market collapse as election results were tallied.
"Don't ask me why but it did. It was kind of like Brexit. The markets collapsed and then they started coming back very strong when they realized that that was a good idea," said Kudlow, who under President Ronald Reagan was the associate director for economics and planning, Office of Management and Budget, Executive Office of the President, where he was engaged in the development of the administration’s economic and budget policy.
"With Mr. Trump you're going to have across the board tax cuts, you're going to end Obamacare, which is a prosperity killer and a healthcare killer, you're going to take the handcuffs off of energy, you're going to wall back all these regulations and you're going to stop the government from taking over the economy. That's a powerful message," Kudlow said.
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