Druckenmiller Exit Marks ‘Old Normal’ End, Gross Says
(Comments from Billionaire Ken Fisher in fifth paragraph.)
Sept. 28 (Bloomberg) — Bill Gross, who runs the world’s biggest mutual fund at Pacific Investment Management Co., said the planned exodus of hedge-fund icon Stanley Druckenmiller helps mark the end of the “old normal” for investing.
The departure of Druckenmiller, who has run Duquesne Capital Management LLC since 1980, and that the Chicago-based hedge-fund Citadel LLC is considering cutting fees on some funds as it attempts to attract clients, “are reflective of a broader trend in capital markets,” Gross wrote in a monthly investment outlook on Pimco’s website today. “The new normal has a new set of rules. Leverage and deregulation are fading from the horizon and their polar opposites are in the ascendant,” Gross added.
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