Sweet

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Trump breaks Soros, the man who broke Bank of England



George Soros is thought to have lost $1 billion since Donald Trump’s election by betting against shares rising






 George Soros, the American investor known as the man who broke the Bank of England, is thought to have lost $1 billion since Donald Trump’s election betting that shares would tumble.
The billionaire hedge fund manager, who backed Hillary Clinton, took bearish positions after Mr Trump was elected on November 8, according to a report. However, US stock markets surged to record highs before the end of the year.
Mr Soros, 86, manages about $30 billion for himself and his family through Soros Fund Management. He donated money to Mrs Clinton’s presidential campaign and to other Democratic groups before the election.
Late last year, after some of his bets amassed losses of almost $1 billion, Mr Soros exited bearish investments and adjusted his positions to avoid further falls, The Wall Street Journal reported. Soros Fund Management gained about 5 per cent last year, the Journal said.
On the eve of the election, experts predicted that a Trump victory would wipe trillions from world markets. Share futures plunged as it became clear that Mr Trump was set to win and markets fell heavily in early trading the day after.
However, markets rallied from that point, with the Dow Jones industrial average climbing by more than 9 per cent by the time the year was out.
Mr Soros made about £1 billion by betting against the pound in 1992. He built up a large short position in sterling in the months leading up to Black Wednesday on September 16 that year, when the UK was forced to withdraw the crashing currency from the European exchange-rate mechanism.
Stanley Druckenmiller, a former deputy to Mr Soros who was involved in the 1992 bet on sterling, is thought to have made sizeable gains after Mr Trump was elected. Two days after the election, he told CNBC that he had sold out of gold and other defensive positions, putting his money into shares and shorting bonds instead.
Mr Druckenmiller, who now runs a rival hedge fund, said at the time: “The fears of protectionism, while valid, are greatly oversized. This economy is so over-regulated and people are just drowning in red tape.”

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