Billionaire George Soros — one of the wealthiest men in the world — is a known advocate and donor for diseased liberal causes.
He came out strongly against President-elect Donald Trump throughout the 2016 General Election.
Soros reportedly contributed $7 million to Priorities USA Action and gave Clinton’s campaign the maximum $2,700 donation.
He also contributed $5 million to a Super PAC aimed at mobilizing Latinos and other immigrants in hopes to stop the Trump campaign.
Soros hates Trump. In fact, he despises Trump so much that he was confident the stock market would crumble if Trump won.
And once Trump demolished his competition, Democratic nominee Hillary Clinton, Soros bet big against the economy.
Except he was wrong, and the stock market has risen almost 10 percent since November 8th.
Total? Soros lost a cool $1 billion.
Soros – who is also known as “the man who broke the Bank of England” – has been bracing for an economic storm – even if Hillary Clinton had won.
But he thought if Clinton won, the stock market would decline but then rally back up and level off.
Soros was confident that he could make money off the market by betting against it regardless of who won, but he hypothesized only briefly for Hillary Clinton.
During the first quarter of 2016, Soros purchased $264 million worth of shares in Barrick Gold, which is the world’s largest gold miner.
He also acquired 1.1 million options to buy SPDR Gold ETF, which mirrors the price of gold.
The ideology behind this is that gold prices tend to increase when people are afraid.
Except, he was wrong, no one was afraid. In fact, shareholders were comforted with a future Trump administration.
The Wall Street Journal first broke the story and reported:
“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%.
Last year, Mr. Soros returned to trading at Soros Fund Management LLC, which manages about $ 30 billion for Mr. Soros and his family. Mr. Soros was lured back by the opportunities to profit from what he saw as coming economic troubles.
Mr. Soros was cautious about the market going into November and became more bearish immediately after Mr. Trump’s election, according to people close to the matter.
The stance proved a mistake—the stock market has rallied on expectations that Mr. Trump’s policies will boost corporate earnings and the overall economy.”
Does this huge loss mean that Soros will go away?
Probably not — Soros manages $30 billion.
But if he keeps betting against Trump like so many have done before, he might lose all of it in the next 4 years — all because he’ll refuse to wise-up.
Soros is obviously too blinded by his liberal and globalist convictions.
A Trump administration might give so much comfort to shareholders that the Dow Jones might just break 20,000 soon — and that would be an all-time record.