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(Bloomberg) -- Billionaire investor George Soros said the euphoria among stock investors since the victory of President-elect Donald Trump will end as uncertainty takes over.

"Uncertainty is at a peak and actually uncertainty is the enemy of long-term investment," Soros, the chairman of Soros Fund Management, said on Bloomberg Television from Davos on Thursday. "I don’t think the markets are going to do very well. Right now they’re still celebrating but when reality comes it will prevail."

Soros lost nearly $1 billion as a result of the stock-market rally spurred by Trump’s surprise win in November, the Wall Street Journal reported earlier this month. Soros became more pessimistic immediately after Trump’s election. But stocks rallied on expectations that Trump’s policies will boost corporate earnings and the overall economy.

--With assistance from Francine Lacqua To contact the reporter on this story: Simone Foxman in New York at sfoxman4@bloomberg.net. To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, Josh Friedman

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