Profiting from national decline is easier when a guy named Obama is in the White House.
The stock market rally that followed Donald Trump’s surprise victory in the 2016 presidential election has not been kind to George Soros. The billionaire hedge fund manager lost $1 billion, having bet, incorrectly so, that stock prices would decline in the wake of the Nov. 8 election, according to the WSJ.
Last year, Mr. Soros returned to trading at Soros Fund Management LLC, which manages about $30 billion for Mr. Soros and his family. Mr. Soros was lured back by the opportunities to profit from what he saw as coming economic troubles.
Mr. Soros was cautious about the market going into November and became more bearish immediately after Mr. Trump’s election, according to people close to the matter. The stance proved a mistake—the stock market has rallied on expectations that Mr. Trump’s policies will boost corporate earnings and the overall economy.
As a result, some of Mr. Soros’s trading positions incurred losses approaching $1 billion, the people say.
Betting against America was not a smart bet. But then again Soros all but destroyed the Democrats by betting on the left and against America.