Druckenmiller says he has traded for fifty years on the belief that markets aggregate information better than committees.
“I have spent five decades trading on a simple premise: Markets aggregate information no committee possesses, and prices are how that information reaches decision makers,”
Druckenmiller calls the long-term Treasury yield the most important price globally and America's only remaining fiscal disciplinarian.
“The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the U.S. has left. ”