Billionaire Stanley Druckenmiller is exploring new opportunities after dumping more than $2.5 billion in stocks.
The famed investor and head of Duquesne Family Office sold all of the firm’s shares of Nvidia (NVDA) last year, along with nearly all of the firm’s stake in Palantir (PLTR).
Now, Druckenmiller is beginning to pour some of the firm’s massive cash stockpile into Teva Pharmaceutical (TEVA), buying 1,427,950 shares worth about $30.3 million, reports the Motley Fool.
The stock surged more than 100% in 2024, as the company settled opioid litigation and reported strong growth after centering its efforts on brand-name drugs.
As of Q3 2024, the top holdings at the Duquesne Family Office include Natera (NTRA) worth $452 million, Coupang (CPNG) valued at $287 million, Coherent (COHR) at $264 million, Woodward (WWD) at $181 million and Seagate Technology (STX) at $179 million.
In a recent interview with Nicolai Tangen, CEO of Norges Bank Investment Management, Druckenmiller said his top concern is whether the Federal Reserve started cutting rates too soon.
“When this whole inflationary episode started, and I’d say two years ago or a year and a half ago, I was very confident that inflation was going to come down, which I was right on.
But I was worried about the economy, which I was completely wrong on. You can take this with a grain of salt since I had one right and one wrong there, I’ve switched to being more worried about inflation going forward than the economy itself.
I’m a little worried that the Fed has declared victory too early. I don’t have conviction like I had in 2021 that inflation was going to go up, that’s when the money supply was growing 40% and all sorts of things were happening. But I also don’t have conviction that they’ve snuffed this thing out and won the battle.”
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