Duquesne’s Chairman and Chief Investment officer, Stan Druckenmiller joined Bloomberg Television’s Stephanie Ruhle today from the Robin Hood Investors Conference. Druckenmiller confirmed he is shorting International Business Machines Corp. (NYSE:IBM) in bet cloud computing to replace it, “It’s one of the more higher-probability shorts I have seen in years…IBM is old technology being replaced by cloud technology.” Druckenmiller:
– Confirmed that he has talked about International Business Machines Corp. (NYSE:IBM)
– Said IBM a high probability short
– Said IBM to be replaced by cloud computing
– Said IBM free cash flow is reason for short now
– Said IBM should be investing, not doing buyback
– Says buy IBM ‘If you want to be short innovation’
– Said he’s long Amazon; Amazon long not as big as IBM short
– Said he likes Amazon.com, Inc. (NASDAQ:AMZN)’s Jeff Bezos
– Said he thinks David Tepper is “Awesome”
– Said his returns were subpar in past 10 years
– Said his returns beat what in market
– Said nothing to change market trend now
– Said he bought Herbalife Ltd. (NYSE:HLF) in bet on Bill Stiritz
