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Druckenmiller at Sohn 2016 transcript & deck


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I buy most of Druckenmiller argument except the conclusion because of course there is no real connection between the conclusion and the arguments.


His basic argument is that equities are overvalued. His conclusion is buy gold. Why not hold cash? He never really says.


I feel like I should use this logic with girls. Make some argument or bunch of claims she agrees with. Then at the end conclude with "and therefore you should go on a date with me"



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I think he makes an argument.  I think he believes gold is money and that it has a positive carry relative to cash because cash has a negative rate and a negative real return.  I don't hold gold just pointing out that he did highlight a thesis. 

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