The Trump campaign's relationship with hedge funds and the people who run them has been as predictably batshit and resistant to logic as almost everything else involving the Trump campaign.
Since stepping onto the escalator that delivered him to the stage, Trump has attacked "hedge fund guys" as "getting away with murder," then hired one to run his campaign fundraising, ended up with a second being a super-major funder, floated the idea of making a third Treasury Secretary, and turned a fourth into the spiritual head of his economic policy team. But outside the aforementioned Steve Mnuchin, Bob Mercer, Carl Icahn and John Paulson (and sure, ok, Anthony Scaramucci), many in the industry have remained stlolidly resistant to supporting The Donald for President.
But as Reuters reported yesterday, that doesn't mean hedge fund guys are backing Hillary en masse or even staying out of Republican politics:
Stanley Druckenmiller, one of the best-performing hedge fund managers of all time, told Reuters he had recently given to Republican candidates for Congress in the hope of creating a “firewall” against Clinton’s economic policies, including more government control of healthcare and what he described as “astronomical disincentives” to invest.
Druckenmiller, who invests privately since closing his hedge fund firm in 2010, said Trump had an “unstable personality” that ruled him out as a candidate.
“I might just vote on the down ballot part of the ticket and not bother with the top,” he said.
Public filings show Druckenmiller donated to U.S. Senator Marco Rubio of Florida in August and the National Republican Congressional Committee in March.
The Reuters report also found that Cliff Asness and Paul Singer joining Big Drucks in a down ballot GOP funding tactic that ignores Trump, while Julian Robertson is planning to vote for Gary Johnson...because he's such a hipster. Even Leon Cooperman (who some say was a founder of the GOP) will not be voting for the Republican candidate.
And then there are the longtime Hillary loyalists in the hedge funde world, your Paul Tudor Jonses, your Bill Ackmans, your David Shaws, your Soros clan, showing that the hedge fund world is split up even more than usual this year, but everyone has reached an opinion.
Well, almost everyone.
Yesterday, the man once responsible for propping New Jersey's economy with his income tax check went on CNBC and said this about the election:
Hedge fund billionaire David Tepper told CNBC on Monday that a "fairly bad choice at the top" of the election ballot is "affecting things."
"You have one person with a questionable judgment and the other person that may be demented, narcissistic and a scumbag. I'm not saying which one is which. You can make your own decision on that," the founder of Appaloosa Management said in an interview with Scott Wapner on "Halftime Report."
David Tepper is an undecided voter. Well, at least he says he is, calling one candidate a "demented narcissistic scumbag" and saying that the other possesses "questionable judgment" is not exactly apples to apples. To which candidate corresponds with each criticism is not for us to say, but it is fun to see that at least one major hdege fund manager is letting this thing ride into late October. And why wouldn't he now that "the richest person in New Jersey" has remade himself as "undecided Florida voter?"
While he has not supported either Donald Trump or Hillary Clinton and is "sitting on the sidelines," Tepper said, "I'll probably vote for one — I'll vote at the end of the day. I'm in Florida, so my vote counts."
You've won our hearts again, David Tepper. Now stay off Reddit.