Google Inc (NASDAQ:GOOG) is billionaire fund manager Stanley Druckenmiller’s largest position currently. That’s what he told CNBC today. He manages Duquesne Capital, which is now a family office.
Druckenmiller adds to Google
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Although Druckenmiller hasn’t always been so open with the press, he did speak on CNBC today and said he increased his potion in Google Inc (NASDAQ:GOOG) after the company announced the results from its third quarter. He said the search giant has the “greatest business model in American business” and called Google CEO Larry Page “this generation’s Thomas Edison.”
Druckenmiller currently believes Google is “really well priced” and said that one of the best things about the company is that there’s no telling what it will come up with next. He pointed to the Google self-driving car and Google Glass device as two of the company’s key innovations in recent years.
Druckenmiller was lost a month ago
In Spetember, Druckenmiller spoke on Bloomberg TV, saying that he was lost at the time and that he would buy a stock if he liked it or short one if he found one he really didn’t like. Apparently Google Inc (NASDAQ:GOOG) was the one he really liked.
Shares of Google have been rising steadily over the last six months, breaking past the $1,000 per share level recently to trade around $1,034 per share. Druckenmiller said he started buying Google in May, and as you can see from the chart, it’s been performing very well for him, climbing significantly since earlier this month.
Google working on smart watch
In addition to the products we do know about, Google Inc (NASDAQ:GOOG) also has other products up its sleeve. The company has been said to be working on a smart watch and that it could release the device in just a matter of months. The company is reportedly in the final development stages and wants to cut down power consumption so that the smart watch won’t have to be charged as often. Of course it would run on Google’s Android operating system and use the Google Now personal assistant app to communicate with smartphones.