I’m not sure whether it is wise to admit this to Power Line readers, but I once had lunch with George Soros in his office in New York, at his invitation. (It was . . . interesting.) And I also think some of his initiatives in eastern Europe after the collapse of the Soviet empire in the early 1990s through his Open Society Institute were actually laudatory and helpful to the cause of liberty and democracy there, and most eastern European conservatives will tell you that. Having said that, I think he is at best deeply confused about Karl Popper, Hayek, and his supposed attachment to a genuine “open society.” And he definitely keeps company with, and supports, many of the worst people in American politics.
Hence, the headline this morning that brought warmth to my cockles:
Billionaire hedge-fund manager George Soros lost nearly $1 billion as a result of the stock-market rally spurred by Donald Trump’s surprise presidential election.
But Stanley Druckenmiller, Mr. Soros’s former deputy who helped Mr. Soros score $1 billion of profits betting against the British pound in 1992, anticipated the market’s recent climb and racked up sizable gains, according to people close to the matter.
The divergent bets of the two traders are a stark reminder of the challenges even acclaimed investors have faced following Mr. Trump’s unexpected victory. Many experts had predicted a tumble for stocks in the wake of the election, but instead the Dow Jones Industrial Average has climbed 9.3%.