Why legendary investor Stanley Druckenmiller now bearish on other growth stocks

Legendary investor Stanley Druckenmiller said tech giants Amazon and Microsoft are still among his biggest holdings, but noted he is quite bearish on growth stocks as a group while expectations of the economy reopening boost value stocks. Longtime hedge fund manager Stanley Druckenmiller told CNBC on Monday the market’s strong performance over the last three weeks has “humbled” him and that he underestimated the power of the Federal Reserve. “I had long-term concerns for the last few years that because of easy money, too much debt was being built up in the corporate sector,” Druckenmiller said on “Squawk Box.” “When Covid hit, I was pretty much of the view that there was a good chance that the credit bubble had finally burst and the unwinding of that leverage would take years.” That concern prevented the investor from capitalizing on the market’s robust rebound since the March 23 low: Druckenmiller said he has returned just 3% during the market’s 40% rally since the S&P 500′s sp