This page has been archived and commenting is disabled.

Gundlach's First Webcast Of 2014: "Let the Race Begin! 2014 Markets: Year of the Horse"

Tyler Durden's picture




 

"Bond King" Bill Gross may not have had a good year following over $40 billion in redemptions from his $250 billion Total Return Fund, but another aspirational Bond King, DoubleLine's Jeff Gundlach, had an even worse year on an relative basis, when his Total Return Bond Fund saw $6 billion in redemptions ending the year at $30.9 billion in AUM following seven consecutive months of withdrawals. So in his attempt to start the new year on better footing, here is his first webcast (as usual open to the public), titled "Let the Race Begin! 2014 Markets: Year of the Horse", in which as usual Jeff will discuss the economy, the markets and his outlook for the best investment strategiest of 2014. Let's hope that for bond fund manager, that 2014 is not just another "year of the donkey", as was the case in the past year which everyone managing duration would rather forget.

The webcast begins at 4:15 pm Eastern and anyone willing to do so, can register at the following link.

 

The Annotated Gundlach:

General...

  • *GUNDLACH: PEOPLE'S FAITH IN FEDERAL RESERVE WILL BE SHAKEN
  • *GUNDLACH SAYS CAN'T REMEMBER YEAR STARTING WITH SUCH CONSENSUS
  • *GUNDLACH SAYS BAD JOBS NUMBER MAY BE DUE TO OBAMACARE DISLIKE
  • *GUNDLACH: MAY HAVE REPEAT BAD JOBS NUMBER ON BAD WEATHER
  • *GUNDLACH SAYS BELIEVES FED WILL BE OUT OF QE BY END OF YEAR
  • *GUNDLACH: NO INFLATION APPEARS TO BE IN THE PIPELINE

Housing...

  • *GUNDLACH: HOUSING IS SOFTER THAN PEOPLE THINK, STILL DISTORTED
  • *GUNDLACH SAYS HOMEOWNERSHIP WILL FALL FURTHER
  • *GUNDLACH: I'M NOT BULLISH ON HOMEBUILDERS IN THE SHORT TERM

Stocks...

  • *GUNDLACH: BOND BUYING REDUCTION SHOULD TAKE AWAY STOCK SUPPORT
  • *GUNDLACH: WON'T SEE STOCK MARKET UPTICK REPEAT THIS YEAR
  • *GUNDLACH: S&P 500 INDEX PIVOTAL LEVEL MAY BE 1,750
  • *GUNDLACH: LIKES APPLE AS A SORT OF ASSET CLASS BY ITSELF
  • *GUNDLACH: APPLE MAY GO TO $600, NOT ABOVE THAT IN 2014
  • *GUNDLACH: NOT RUSHING TO BUY ANNALY, NO CATALYST
  • *GUNDLACH: 3-D PRINTING IS MONUMENTALLY IMPORTANT TECH ADVANCE
  • *GUNDLACH: CHIPOTLE SHOULD DROP 30%, BUT I'VE BEEN DEAD WRONG

Commodities...

  • *GUNDLACH: HAVE TO SEE SOME FORM OF VOLATILITY IN COMMODITIES

Gold...

  • *GUNDLACH: GOLD WILL REACH AT LEAST $1,350 SOMETIME IN 2014
  • *GUNDLACH: I LIKE MINERS BECAUSE GOLD `GIDDILY DESPISED'

Bonds...

  • *GUNDLACH SAYS BEST PLACE SO FAR FOR BONDS IN 2014 IS AAA RATED
  • *GUNDLACH SAYS LONG-TERM BONDS WON'T DO ALL THAT BADLY
  • *GUNDLACH: SHORT-TERM INTEREST RATES WILL STAY LOW INTO 2016
  • *GUNDLACH: 2012 BOND DEPOSITS LIKELY TO FLOW OUT BY YEAR-END
  • *GUNDLACH: SHORT-TERM BUYING OPPORTUNITY FOR CLOSED-END FUNDS
  • *GUNDLACH SAYS NOT SO SURE 10-YEAR TREASURY YIELDS GOING HIGHER
  • *GUNDLACH: TREASURY SHORTERS MAY FACE ISSUE IF ECONOMY WEAKENS
  • *GUNDLACH: I HATE TIPS LESS NOW BECAUSE THEY ARE CHEAPER
  • *GUNDLACH: HIGH-YIELD BONDS HAVE INTEREST-RATE RISK
  • *GUNDLACH: COULD SEE SHORT SQUEEZE CAUSING TREASURY YIELD DROP
  • *GUNDLACH: TREASURIES CHEAP RELATIVE TO MUNIS, JUNK BONDS
  • *GUNDLACH: MAY BE A WHILE BEFORE WE SEE DEFAULTS IN JUNK BONDS
  • *GUNDLACH: NON-AGENCY STILL SUPERIOR TO CORPORATE CREDIT BONDS
  • *GUNDLACH: INCREASED CMBS, NON-AGENCY RMBS IN DBLTX FUND
  • *GUNDLACH: LOSS SEVERITY NEAR HIGH DUE TO FORECLOSURE PIPELINE
  • *GUNDLACH: THINK PUERTO RICO BONDS MAKE IT, EXPECT VOLATILITY
  • *GUNDLACH: JCPENNEY BONDS MAKE IT TO OTHER SIDE, WITH VOLATILITY

Other Markets...

  • *GUNDLACH: BITCOIN MAY BE HEADED DOWN, NOT READY AS CURRENCY
  • *GUNDLACH: EMERGING MKTS BETTER VALUE PROPOSITION THAN BELIEVED
  • *GUNDLACH: DOLLAR IS A DECENT CURRENCY TO OWN IN 2014
  • *GUNDLACH: WE REMAINED DOLLAR-DENOMINATED IN EMERGING MARKETS

 

 

Full Gundlach presentation (pdf):

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 01/14/2014 - 17:24 | 4331805 negative rates
negative rates's picture

All hope has been lost for Jeff long ago.

Tue, 01/14/2014 - 17:36 | 4331842 Divided States ...
Divided States of America's picture

Year of the Horse?? You mean John Kerry?? Wow this years going to be a big fuckin joke

Tue, 01/14/2014 - 17:27 | 4331812 Spungo
Spungo's picture

Year of heroin abuse?

Tue, 01/14/2014 - 17:39 | 4331856 Kirk2NCC1701
Kirk2NCC1701's picture

Pick me, pick me, pick me!

Tue, 01/14/2014 - 18:37 | 4332093 kahunabear
kahunabear's picture

His is the only investment opinion I trust.

Tue, 01/14/2014 - 18:46 | 4332132 kurt
kurt's picture

Gun Lack huntin' for more high dollar clients with flashy graphics and presentation. Bower Birds unite!

Tue, 01/14/2014 - 19:11 | 4332222 SAT 800
SAT 800's picture

Very interesting charts. Encourages me in my CABLE short; and is encouraging to EUR/USD shorters as well. for people with a reasonable time line; months. not days.

Tue, 01/14/2014 - 21:59 | 4332699 Orly
Orly's picture

Wow. So far, seven people have responded to this post, whereas nearly 250 people have responded to some tripe about John Kerry.

 

Anyways...

Many thanks to ZeroHedge for putting this note in downloadable .pdf format so I don't have to sign in to my non-existent Facebook account to receive a copy.

(And also many thanks for feeding the old timers with a perfectly cooked New York strip, even as you feed the red meat to the wolves...)

;)

Do NOT follow this link or you will be banned from the site!