Jeffrey Gundlach (DoubleLine Capital)

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On Emerging Markets Fixed Income:

"A secular improving credit story".

G7 countries have 4 times the debt-to-GDP ratio of EM nations.

He is blown away that EM Debt trades at "twice the yield of developed country debt and triple the fundamentals"

[winston]

Two Final Rules:

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- "The Bloodless Verdict of the Market" - In the end, he who gets it right wins, there are no points awarded for being smart but wrong.

- "Never, ever take counterparty risk." - It is the one risk you are almost never rewarded for taking.

Unless you are running $800 billion dollars, there is no need to use swaps, synthetics or baskets - trade cash markets and avoid any trades that require a counterparty.

[winston]

JEFF GUNDLACH’S 2012 OUTLOOK by Cullen Roche

CNBC’s Gary Kaminsky recently spoke with Jeff Gundlach of DoubleLine Capital, to get his thoughts on the outlook for 2012. He offered the following summary (thanks to Ed Harrison):

1. Keep your money in USD based assets.

2. You want to be very concerned about counterparty risk (especially in Europe).

3. Do not buy mortgage backed REITs.

4. Be wary of China.

5. Don’t index in bonds or use fund managers that revert to indexing in bonds.

http://pragcap.com/jeff-gundlachs-2012-outlook

[winston]

KEY TAKEAWAYS FROM THE JEFF GUNDLACH CONFERENCE CALL by Cullen Roche

Bond guru Jeff Gundlach offered some macro insights on today’s conference call. I’ll cut straight to the chase with the key takeaways:

■ His favorite investment right now is natural gas. He says it’s like buying gold in 1997….
■ Buy stocks when they’re in the single digit PE range.
â–  QE3 is already underway in operation twist.
■ Still worried about the national debt….
â–  Europe remains the biggest risk to the equity markets.
â–  The biggest risk to his funds and outlook is surging interest rates.
■ The Fed won’t raise rates unless inflation kicks up further.
â–  Believes rates will remain low to stable.

http://pragcap.com/key-takeaways-from-t ... rence-call

[winston]

Bond Investor Gundlach Buys Stocks, Sees 'Kaboom' Ahead By Seth Lubove & Alexis Leondis

It’s mid-October, and Jeffrey Gundlach is giving a stump speech to a luncheon crowd of about 200 financial advisers and investors at Los Angeles’s City Club. The renowned money manager’s theme: the financial catastrophe on the horizon.

The co-founder and chief executive officer of DoubleLine Capital LP explains that the first phase of the coming debacle consisted of a 27-year buildup of corporate, personal and sovereign debt.

That lasted until 2008, when unfettered lending finally toppled banks and pushed the global economy into a recession, spurring governments and central banks to spend trillions of dollars to stimulate growth, Bloomberg Markets reports in its January issue.

In the ominous third phase, he predicts another crisis: Deeply indebted countries and companies, which Gundlach doesn’t name, will default sometime after 2013. Central banks may forestall these defaults by pumping even more money into the economy -- at the risk of higher inflation in coming years.

He recommends buying hard assets: Gemstones, art and commercial real estate are high on his list. And DoubleLine has been buying the stocks of Chinese companies, U.S. natural gas producers and gold-mining firms because it considers them to be bargains.

http://www.bloomberg.com/news/2012-11-3 ... ahead.html

[winston]

Notes from the DoubleLine Lunch with Jeffrey Gundlach, Spring 2013 by Joshua M Brown


http://www.thereformedbroker.com/2013/0 ... ring-2013/

[winston]

Is Gundlach Right, Have Bonds Bottomed? by Mebane Faber

A few weeks ago bond king and fellow Angeleno Jeff Gundlach mentioned that he thought bonds were near a bottom.


http://www.mebanefaber.com/2013/07/17/i ... -bottomed/

[winston]

"Bond God" Gundlach: Why everyone is wrong about interest rates

Blame the harsh winter for stifling economic growth or tensions in Ukraine for sparking demand for havens.

Jeffrey Gundlach, the star fixed-income manager whose mutual fund beat 97 percent of its rivals the past three years, has a simpler explanation for why investors have gotten the bond market so wrong this year: the aging of America.

Source: Bloomberg

http://thecrux.com/bond-god-gundlach-wh ... treasurys/

[winston]

Jeffrey Gundlach’s Surprising Forecast

The bond titan thinks the 10-year could potentially take out its modern-era low of 1.38%

http://online.barrons.com/articles/jeff ... jemb_mag_h

[winston]

3 Investments Jeffrey Gundlach Loves in 2015

The noted bond fund manager (naturally) sees gains ahead for Treasuries, among other assets

By David Fabian, FMD Capital Management

http://investorplace.com/2015/01/jeffre ... nn=3879240