Two Key Soros PMs Depart Over "Disagreement About Direction Of Global Markets"

Tyler Durden's picture

In late January, when George Soros was interviewed in Davos, he revealed what may have been his most bearish outlook yet, revealing that he is not only short the S&P 500, saying the Fed rate hike was a "mistake" (something the Fed's subsequent relent and global easing U-turn have confirmed), and that China will have a hard landing.

In retrospect, Soros did not factor in for the latest coordinated central bank response, which has seen not only every developed market CB rotating strongly to the dovish side, the Fed included, but culminated with China injecting a record $1 trillion in loans in the first quarter.

 

That may have cost the aging billionaire.

According to Bloomberg, two of the key portfolio managers working at Soros' family office, David Rogers and Joshua Donfeld, are leaving the firm over disagreements with its new chief investment officer about the direction of global markets, according to people with knowledge of the matter.

It was not immediately clear if the PMs expected markets to keep rising or falling.

According to Bloomberg, David Rogers, a protege of Soros’s former chief investment strategist Stan Druckenmiller, managed a portfolio of about $3 billion at the $28 billion Soros Fund Management. Rogers, 38, made his name as a commodities trader, while Donfeld, 40, focuses on stock investing, said the people, adding that both men are expected to leave the family office next month.

"I don’t know what his plans are, but he’s extremely talented and he did a great job when he worked for me,” Druckenmiller said about Rogers, whom he trained at his former hedge fund Duquesne Capital Management, which boasts one of the best long-term track records in the industry. Rogers also spent some time at PointState Capital, which was started in 2010 by former employees of Duquesne after Druckenmiller closed his firm and started a family office. 

Bloomberg adds that the exit of the two portfolio managers comes just months after Ted Burdickwas appointed chief investment officer to replace Scott Bessent, who started his own hedge fund at the beginning of the year. Bessent was the chief investment officer at Soros Fund Management, which oversees the personal wealth of the billionaire, from September 2011 until 2015, and is now managing $4.5 billion at his Key Square Group, including $2 billion for Soros. Both Donfeld and Rogers were hired by Bessent.

Needless to say, if the departures are due to a disagreement with Soros' bearish bets from the start of the year, they are far more reflective of the PM's compensation expectations, which leads us to wonder: just how much money has Soros lost during this latest market meltup from the February 11 lows, lows incidentally hit just as Yellen was concluding her confidential phone call with BoE's Mark Carney.

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Two Theives and a Liar's picture

You gotta LOVE disarray in Satan's house!!

Killtruck's picture

I only regret that they weren't disgruntled enough to burn that shithole to the ground on their way out...

NoDebt's picture

"Please leave your keycard and your gold fillings with security on your way out."

 

KnuckleDragger-X's picture

Don't forget the mandatory cavity search......

Ghost of Porky's picture

You can check out, but you can't leave.

fleur de lis's picture

George Soros/Georgi Schwarz needs to depart for good. Whether or not his sidekicks depart makes no difference.

PTR's picture

I believe leaving before the tide finishes receding and the world sees soros for who he is is called "job security."

mtl4's picture

So we know they knew the market was going up back in Davos and they are still bearish so what does that tell you?!

Rip van Wrinkle's picture

They tell you one thing and do the exact opposite?

mtl4's picture

Yep, it's ALMOST as predictable as Gartmen is wrong. 

ParkAveFlasher's picture

How will Soros complete his goat sacrifices with his high priests in such discord? 

PTR's picture

He'll import orphans from Nebraska.

 

edit: whoops. you were referring to high priests.

 

edit of edit:  he still probably gets children from Nebraska anyway.

Canadian Dirtlump's picture

I wonder if Schwartzy picked through their belongings before they left like he did to his own people during WW2 as they were shipped off to their death.

Emergency Ward's picture

They had to leave their gold tooth fillings behind.

Storm Chaser's picture

true disarray?  Or misdirection?  I mean Georgie is buds with the lady who is making sure on a minute by minute basis this market will NEVER go down EVER again, --right?  Why would he short?  :-)

lordbyroniv's picture

The plan is MOAR u fucktard.

bugs_'s picture

which direction is panama?

buzzsaw99's picture

Ted Burdickwads?

Paul Kersey's picture

Could it be that Soros no longer wields much power in this current age of central bank coordination?  If so, then he doesn't know any more than we do.  And he certainly doesn't know what Blankfein and Dimon know.  Soros is on the outs, and he will never again be in a position to "break the Bank of England".

Ghost of Porky's picture

At 85, Soros is happy just to move his bowels, much less the market.

brada1013567's picture

Hillary called Soros and warned him back in February

brada1013567's picture

Where is the picture of Soros on a Citibike?

RattieNomNom's picture

No fixing of global markets, none what-so-ewah!

;P

Truth Eater's picture

TDBTF

The Dip Bought The Fucking

gdpetti's picture

Perhaps those PM's aren't privy to the data that Soros is using in his directions to their investment plans... we know Soros is part of the 'regime change' process the West uses against most of the world, including our colonies in Japan and Europe... so is Soros a 'chosen' one or just another 'useful tool'? We know how he worked with the Nazi's against his own 'people'... so does Soros have a conscience or not? If not, it explains why he and Hillary, Nuland, Cheney, Bushes, et al get along and work together so well. Psychopaths are born without a conscience, which is why they get away with so much SH$T... they will say and do anything to get what they want... from anyone anywhere... they are 'useful tools' as the CIA/MOssad etc call them.. 'patriots'.. et al... but they are totally expendable in the end. So, I wonder how 'inside' Soros is.... or just another psycho tool for the real PTB.

Colonel Klink's picture

Donfeld, a good Irish boy no doubt.