Legendary hedge fund manager Stanley Druckenmiller is presenting at the Sohn Investment Conference today.
His comments are quite bearish on the commodity complex.
Druckenmiller says the supply and demand situation in commodities is deadly (various commodity markets are dealing with supply gluts even as global growth is slowing), and he recommends shorting "commodity currencies" – like the Australian and Canadian dollars.
The last two years, Druckenmiller says, have shown that the commodity supercycle is over.
"The commodity supercycle is over. It is not a correction. Own currencies that benefit from LOWER commodities." - Druckenmiller #irasohn— Downtown Josh Brown (@ReformedBroker) May 8, 2013 May 8, 2013
Druckenmiller #sohn2013: “Supply-demand situation for commodities is deadly.”— John Carney (@carney) May 8, 2013
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