Jeffery Gundlach drew parallels between the current state of the U.S. and the Ancient Roman Empire. Like the U.S., he noted that Rome had an insufficient tax system and a huge military budget.
Just as in Rome, the U.S. faces “persistence of a destitute underclass,” as evidenced by the slow job recovery.
Gundlach’s talk included commentary on the year-to-date performance of markets as well as his outlook for the rest of the year.
In an an usual statement for a bond manager, Gundlach told investors to sell Bank of America ASAP. It looks like John Paulson heeded the advice.