(Bloomberg) -- Stan Druckenmiller said the prospect of a V-shaped recovery in the U.S. is “a fantasy” and the risk-reward calculation for equities is the worst he’s seen in his lifetime.

Stimulus programs aren’t building future growth but rather are just giveaways to companies and business owners, the legendary hedge fund manager said Tuesday during a webcast held by The Economic Club of New York.

The spread of the pandemic in the U.S. has brought the economy to a standstill, seized up credit markets and led to the end of the longest-running bull market in history. The damage spurred the Federal Reserve to unveil a raft of emergency lending programs and Congress to unleash almost $3 trillion in stimulus funds.

At a similar event last June, Druckenmiller said he expected that the Fed funds rate would go to zero within 18 months amid concerns that the U.S. trade war with China would hurt an economy already showing signs of fragility. While he wouldn’t say whether the U.S. was headed for a recession at the time, he said he saw many warning signs.

Druckenmiller, 66, the former chief strategist for George Soros, converted his hedge fund into Duquesne Family Office in 2010. His long-term track record, making returns of about 30% a year over three decades, established him as one of the world’s top money mangers. He has an estimated net worth of $5.8 billion, according to the Bloomberg Billionaires Index.

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