After his long hiatus, legendary Wall Street trader George Soros is back and he’s betting big against the world economy.
Soros recently began a series of large bearish bets, selling off stocks and betting on gold, according to Gregory Zuckerman at The Wall Street Journal.
Soros, who ranks second on the list of the most successful hedge fund managers of all time, has spoken publicly about his concerns for the global economy.
He recently said that China’s financial system right now “eerily resembles what happened during the financial crisis in the US in 2007-08.”
Earlier in the year Soros spoke in Davos about an issue the world is running into but doesn’t know how to handle. He said at the time that he was betting against Asian currencies and commodity-linked economies.
Following his comments officials in China warned Soros not to go to “war” over its currency.
Soros stepped back from day-to-day trading some time ago, and his return to investing marks a turnaround.
Scott Bessent had been the top investor at Soros Fund Management, but he left last year to launch his own fund, Key Square Group.
Ted Burdick was named as the new chief investment officer at Soros Fund Management after Bessent left the company.