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.
Corsair Capital was down by about 3.5% net for the third quarter, bringing its year-to-date return to 13.3% net. Corsair Select lost 9.1% net, bringing its year-to-date performance to 15.3% net. The HFRI – EHI was down 0.5% for the third quarter but is up 11.5% year to date, while the S&P 500 returned 0.6% Read More
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.