Jeff Gundlach just hosted a webcast with clients of his $20billion plus firm, Doubline. The title of his presentation: “The Decline and Fall of the Roman Empire.”
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.
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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.