Ken Griffin is pretty sure the end is nigh, which is why he’s been working so hard to get into heavenlately. The trouble is, people don’t seem to be as pessimistic about things as he is. Specifically, about stocks, fake currencies and tax reform. So why don’t you all sit back, pour a sizable drink and let KG explain it all.
"I think we're in the seventh inning of this market rally," he said in an exclusive interview with CNBC's Leslie Picker on Monday. "Valuations are stretched. We're not in the sort of classic mania that you get at the very end of the bull market."
That was just about the nicest thing Ken had to say this morning. Just asked the bitiot community.
"Bitcoin right now has many of the elements of the tulip bulb mania we saw back hundreds of years ago in Holland," said the billionaire hedge fund manager in an exclusive interview with CNBC's Leslie Picker….
"I get very worried that people that are buying bitcoins don't really understand what they're participating in other than the headline stories that it keeps going higher and 'I want to make sure I don't miss this opportunity to make some money,'" the billionaire said. "So is it a fraud? No. But these bubbles tend to end in tears. And I worry about how this bubble might end."
Moving on to rewriting the tax code: Great idea. Lacking in execution. Useless in terms of timing.
"You would usually reserve tax reform of this nature for right in the midst of a recession," the billionaire said in an interview with CNBC's Leslie Picker. "Do we need to cut taxes as much as we are? Probably not….”
"To the extent that this represents fiscal stimulus, this is a late-in-the-business-cycle-move," Griffin said. "It would be contrary to what you would traditionally do from an economics perspective."
Citadel’s Ken Griffin: Market rally is in the ‘seventh inning,’ valuations are ‘stretched’ [CNBC]
Billionaire hedge fund manager Ken Griffin says bitcoin has ‘elements of the tulip bulb mania’ [CNBC]
Billionaire Ken Griffin: We ‘probably’ don’t need to cut taxes as much as proposed [CNBC]