Q: Stan Drunkenmiller Interview:



Stan Druckenmiller

Q: Hey Bill, thanks for all your guidance. Glad you are telling off the haters - really seems like we need more adults in the room and not all these whiny, overly-emotional types who cry about anything from Orange Man bad to "Democracy in Danger!"

Re these post election moves, wanted to summarize them as follows:

1. crypto up (Trump more favorable, Gensler gone, money printer go brrr)

2. Gold down (inflation higher, growth higher, some geopolitical risk gone, was overbought had a huge run)

3. bond yields up (perceived higher growth, spending and inflation)

4. dollar up (higher yields pumping it in the short term,

Now, if I understand your forward playbook, you're waiting for the dollar to turn,

I am 100% with you but my worry is that this will be very tricky to time, even today seeing bunds struggle as German government coalition having issues. Yen back above 154. Potential for Iran / Israel to heat up. Ukraine situation unknown. In short other places are a mess and the geopolitical risk can come back at anytime reinforcing a move to bonds.

I guess my question is what sort of signals will you be looking for re the turn in the dollar to put on more gold, long yen, miners etc?

Thanks!

Q: Who can take the sunrise, sprinkle it with dew, cover it in chocolate and a miracle or two. The Orange Man can. The Orange Man can, because he mixes it with love and makes the world taste good. And the world tastes good, cause the Orange Man thinks it should.

To avoid any backlash, there is no need to post this. Just thought maybe you needed a little laugh this AM.

Thanks a Billion,

Q: Fleck,

I'm still not great at analyzing financial results of miners, but WDOFF looked really good to me. Do you think the sell off this morning is due to the AISC or something else?

If you had room, would you add here?

Thanks!

Q: Dear Bill,

I find myself with cash in my TSX portfolio as I was bought out of Osisko which recently settled.

Given the potential weakness that may ensue from Mr Trump's victory if there is some weakness over there would there be a particular name you would consider as a replacement.

I am already overweight AEM, AGI & WDO. I have not held New Gold which I know you and Fred both like. Would now be the time?

If the market gets irrational to the upside at some point for gold equities it seems easier to think there will be a higher rate of capital appreciation from a much lower base, say compared to AEM, or even AGI & WDO. Am I thinking about that the right way?

Cheers,