Here Is The WSJ Article That Jeff Gundlach Has Been Raging Against

Tyler Durden's picture

Well, the "fake news" article that Jeff Gundlach has been quietly - and not so quietly - raging against for weeks on Twitter, is finally out.

Readers will recall that DoubleLine's Jeff Gundlach has been engaging in an odd subtweeting campaign on Twitter over the past month with what until recently had been an unnamed media outlet that was allegedly being used by a similarly unnamed Doubleline competitor to accuse Gundlach's fund of doing poorly and suffering outflows, something the "bond king" has said is "false news" to borrow a Trumpism...

... and then last week, Gundlach finally revealed that the "fake news" publication with the imminent hit piece in question was the WSJ:

Meanwhile, Gundlach - having recently turned quite bearish and predicting, accurately, last weeks volatility surge, had done everything in his power to take preemptive damage control and publicize that DoubleLine is in no way in peril, in need of funding, or worried about outflows. In a recent interview with Bloomberg's Erik Shatzker, Gundlach said that he is content with the size of his fund, which he does not want growing too large, and may soon turn new money away:

“Gundlach is taking a similarly conservative approach to building his eight-year-old firm. While some competitors embrace the mantra “size matters,” he believes there’s a limit to how much DoubleLine can manage well and says the firm may stop marketing altogether once assets reach $150 billion, up from about $110 billion today.

 

‘I’ve actually been turning money away in our institutional business,’ Gundlach said. ‘I don’t want to manage $500 billion. I don’t really want to manage $200 billion.’... “I don’t want one $150 billion fund, I want 10 $15 billion funds. A diversified business,” Gundlach said in the interview. “We lose business because our fees are too high and I say, ‘Fine, that’s a way of regulating growth.’”

 

“Bill Gross once managed a single fund with $293 billion in assets, the Pimco Total Return Fund. By comparison, Gundlach, who co-founded DoubleLine in 2009, said he’s debated whether to close the $54 billion DoubleLine Total Return Bond Fund, the firm’s largest, to new money.”

The statement echoed what Gundlach said in a tweet from August 2: "DoubleLine Facts: All time high AUM, revenue, headcount. Returns good-to great across funds. CEO never berates employees. Boycott fake news!"

Then, as we reported two weeks ago, we suggested that the reason for the recent din over DoubleLine - or rather Total Return Bond Fund - AUM is that Gundlach was anticipating the latest Morningstar fund flow data, reported by Reuters, according to which investors pulled another $200 million from Jeffrey. Gundlach's flagship Total Return Bond Fund in July, extending the outflow streak that began in November to nine consecutive months. So far this year, the fund has posted outflows of $3.6 billion, leaving it with $53.6 billion in AUM as of the end of

As Reuters wrote "the withdrawals are notable given that other bond funds are swimming in new cash from investors and at a time when the DoubleLine fund's performance has been strong.

Some $203 billion flowed into bond funds in the first half of 2017, and bond funds overall have not recorded a single week of outflows all year, according to the Investment Company Institute, a trade group.

The outflows are odd in the context of TRF's YTD outperformance: "DoubleLine Total Return Bond Fund's lower-cost institutional shares were up 3.2 percent this year through Tuesday, beating its benchmark, according to data from Thomson Reuters' Lipper research unit." Preempting the news, Gundlach in a tweet early Wednesday said that DoubleLine is a top-ranked fund company by net cash inflows this year through July.

Sure enough, while TRF is seeing outflows, the broader DoubleLine continues to take in cash: overall, the firm pulled $253 million into its mutual funds and ETFs during July and $2.5 billion this year, ranking 24th of 405 fund families, according to Morningstar data. A recent interview with Reuters may explain this discrepancy: Gundlach said DoubleLine was "trying to focus on our strategy: growing our other funds." He was referring to the SPDR DoubleLine Total Return Tactical ETF, DoubleLine Core Fixed Income Fund, DoubleLine Shiller Enhanced CAPE, DoubleLine Low Duration Bond Fund, DoubleLine Infrastructure Income Fund and DoubleLine Flexible Income Fund. Those six funds have attracted $5.8 billion this year, according to Morningstar.

"We are marketing our other funds and not DBLTX," Gundlach said. "We are accomplishing exactly what we planned."

As we concluded two weeks ago, "it remains to be seen if there is anything more structural within DoubleLine to explain the outflows, or the explanation for Gundlach's recent odd tweeting behavior."

* * *

And with all that in mind, fast forward to Sunday morning when the long-awaited and much-(pre)publicized WSJ article was finally released. In it, the WSJ's Greg Zuckerman picks up on what we, Reuters and Morningstar previously noted, namely the 9 consecutive months of outflows from DoubleLine's flagship bond fund:

Jeffrey Gundlach built one of the most successful new bond funds ever, amassing $61.7 billion of assets at the DoubleLine Total Return Bond Fund over just six years. But during the past year something else happened: Some customers began to leave. Assets under management at the fund dropped 13% from their peak last September to $53.6 billion as of July 31. 

 

Investors have pulled $8.5 billion from the fund in that period, Morningstar Inc. says, while funds in the same category took in net inflows of 7.2%. The fund has had outflows in each of the past nine months.

Naturally, the WSJ was delighted to take advantage of the massive publicity Gundlach's own tweeting had generated in recent weeks for the coming piece:

As performance has slipped and the fund has shrunk, Mr. Gundlach, 57 years old, has turned combative, taking on the media and continuing to taunt a rival. Meanwhile, some within the firm are bracing for what could be a more challenging environment.

And here are the "dots" that one can finally connect based on Gundlach's aggressive subtweeting since the start of August:

Late last year and earlier this year, some at DoubleLine Capital’s offices in downtown Los Angeles say, they were told bonuses might drop in 2017, according to people close to the matter. The firm says the guidance was aimed at creating a “pragmatic assessment” of 2017 after a big year in 2016.

 

Mr. Gundlach’s fund’s performance has been solid. But some investors say they are leaving because the fund has cooled from its previously white-hot pace.

 

Total Return Bond Fund topped 90% of peer funds over the past three- and five-year periods. In 2017, though, it is besting 59% of competitors, with a 3.15% gain through Aug. 17, Morningstar says.

That said, in the the article's weakest link, and rather bizarre argument, one is somehow expected to extrapolate from the behavior of a few investors (in this case a retired orthodontist), what billions in capital will do momentarily.

"Among those bailing are individual investors, who helped fuel the fund’s growth but can be quicker than institutions to pull their funds when performance lags. Barney Rothstein, a retired orthodontist in Tucson, Ariz., withdrew $250,000 from the fund over the past 18 months and shifted the money to individual bonds that carry similar yields but can be held to maturity, unlike a bond fund, potentially giving an investor more cushion if the market turns down.

 

“The extra return wasn’t there anymore,” he said."

Well, Barney, the only "extra return" these days is if you buy tech stocks on leverage... or Ethereum and Bitcoin, of course. Furthermore, it appears that the WSJ's entire "outflows" thesis is based on the assumption that once a fund reaches a "normalized return"inflection point, investors will flee. We are hardly convinced, especially in a time when 90% of hedge funds can't outperform the S&P:

Some investors in Pimco’s once-giant Total Return fund left it in 2013 and 2014 when the fund, led at the time by Bill Gross, stopped trouncing rivals. A spokeswoman for Mr. Gross’s current firm, Janus Henderson Investors, said he outperformed his benchmark during that period.

 

“This is part of having exceptional returns—at some point there will be less-than-exceptional returns,” said A. Michael Lipper, who advises investors in mutual funds. Mr. Gundlach, he said, “wouldn’t like the comparison, but the same thing happened to Bill Gross.”

 

Now investors like Castle Financial & Retirement Planning Associates Inc. in Hazlet, N.J., are shifting to Pimco from DoubleLine. “Performance has been waning,” said Al Procaccino II, president of the firm, which pulled money from the DoubleLine fund this year.

Doubleline's response was well-telegraphed, the bond manager said it isn’t troubled by the outflows or the performance of the fund, which is nearly $45 billion larger than DoubleLine’s next biggest fund.

“Many well-known, actively managed bond funds that have been around long enough go through periods of net outflows, some far more dramatic than Mr. Gundlach’s fund has experienced,” a DoubleLine spokeswoman said. "There are only so many opportunities for actively managed funds. DoubleLine stopped marketing the fund two years ago, and the firm is pleased with where the asset level is.”

Of course, whether DoubleLine's outflows are "controlled" will become obvious shortly: ultimately the single best predictor of future capital flows is today's performance, and for now DoubleLine has nothing to worry about. Perhaps the only interesting aspect in the entire WSJ piece is the additional insight into why Gundlach's twitter account has recently become rather more... colorful:

One former employee says Mr. Gundlach aims to stir debate and focus attention on his fund.

 

“Even if the inner Jeffrey is truly composed and collected, the outer Jeffrey is the actor—he’s a rational creation who understands how to rattle the cage,” says Claude Erb, a former portfolio manager at DoubleLine and TCW. “He’s seen client enthusiasm ebb and flow. When it’s waning, you have to redouble your efforts to get the message out.”

 

René Bruer, the co-chief executive at Smith Bruer Advisors, which manages $80 million, withdrew all of his clients’ money from the fund in 2015 partly because of concerns about its reliance on the outspoken manager. “He can create controversy. If that’s what floats his boat, great,” Mr. Bruer says. “But for my clients and for me, I can’t take much of that.”

Quoted by the WSJ, Jordan Edwards of Avier Wealth Advisors in Bellevue, Wash., which keeps about 10% of clients’ bond allocation in the fund, cited Mr. Gundlach’s investing skills and said, “I would prefer that he would not be as provocative as he is.” 

And yet, Jordan - and most other investors- will gladly keep their funds with Gundlach as long as he continues to outperform, which is why the whole point behind this "fake news" article is quite lost on us.

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Escrava Isaura's picture

Post collapse, next decade, all these hedge funds will go the way of the dinosaurs, extinct.

And, 99.99 of Americans could care less what a hedge fund manager has to say, anyway. 

 

Soul Glow's picture

Who needs a fund manager when you can BTFD and await the bullish nuclear fireball.

Buckaroo Banzai's picture

Gundlach had the temerity to call the top of the US Treasury bond bubble.

The (((financial media))) will not stand for this.

Son of Thor's picture

I’m making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do… http://disq.us/url?url=http%3A%2F%2Fwww.jobproplan.com%3A68UoF1LgzM-Yo3S...

jcaz's picture

Beaner, you're back!  I give the board minutes to figure out that your posts are asinine drips of pseudo-logic-  

How's that Brazil shithole working out for you?  Oh that's right- you fled with the rest of the fruit-pickers.....

Mikeyyy's picture

Pretty typical ZH comment.  And dumbass up votes as well.  Either you didn't bother to read the article, or didn't understand wtf you were reading.  And thus shouldn't comment as you're just displaying your ignorance.

 

This is not a hedge fund - not remotely close.  This guy manages an all cash bond fund.  No leverage.

 

And if I had a dollar for every time some one here predicted a "collapse,"  and been wrong, I'd already be retired.

 

 

JRobby's picture

This is how they kill each other.

WSJ ended when Murdoch "purchased" it.

The source and it's power group is much more important than what the article states (or doesn't state)

Soul Glow's picture

With the Trump presidency dead I expect a volumeless rally tomorrow.  Unless of course we all die in a nuclear fireball.

Winston Churchill's picture

So the fireball will be more bullish ?

813kml's picture

The NYSE has a nuclear failsafe where roaches will take over reading the ticker tape.

Guaranteed to be more accurate than Cramer.

Sam Clemons's picture

Stocks would go up if there is a nuclear fireball.

Sugarcandy Mountain's picture

Unless of course we all die in a nuclear fireball.

Sounds mighty fine right about now.

jamesmmu's picture

BREAKING: Report By Retired NSA, CIA, And Other Intelligence Officials Prove With FORENSIC EVIDENCE The DNC LEAK Occurred On The East Coast Of The United States By A DNC Insider.

http://investmentwatchblog.com/a-new-report-by-intelligence-experts-reve...

Hugh_Jass's picture

You're late to the party brother, everybody already knows that...

Troy Ounce's picture

 

 

Since then, "Russia did it" is over.

It now "neo-Nazi"

junction's picture

The DNC leak article has the following line: "This highly moral group of professionals were overwhelmed at the incompetence of the FBI investigation into the DNC hack, which has been proven to be a leak."  How can anyone be surprised at the incompetence of the FBI?  Look at Robert Mueller's investigation of 9/11.  Look at former FBI Director Comey, whose prize investigation as prosecutor was Martha Stewart for insider trading.

Let's get another opinion, paging Seth Rich.     

Pool Shark's picture

Never confuse incompetence with corruption...

 

Pernicious Gold Phallusy's picture

 Martha Stewart was never charged with insider trading. She went to prison because she said she was not guilty, and the FBI claimed this was a lie.

JRobby's picture

Really old news that will continue to be ignored.

"We have a Special Prosecutor on it !!!"

Blankenstein's picture

Most of Ameridumb doesn't care about anything if it doesn't align with what the boob tube told them or if it didn't come from the team they are rooting for.  

Trump might be a blowhard, but he was disrupting the status quo, intentially or unintentially.  I didn't see it as about Trump, but more about draining the swamp.  I didn't even care for Trump, but the more they hated him, the more I started to like him.   Now, it will be business as usual with the money flowing, unimpeded, to the .01%.  

Since it seems that we can't fight against the system because we are hindered by the mouthbreathers who pile on because they listen to and believe everything that  CNN, The Daily Show, Michael Moore, Kathy Griffin and Rosie O'donnell say.  I have decided that when the shit hits the fan, I will support no one who was jumping on this bandwagon.    

 

small axe's picture

seems like these big-money players could work out their squabbles over a few drinks and a couple of human sacrifices

DuneCreature's picture

Here's Some Un-Fake News:

~~~)))...A Much, Much, Much Bigger Dot Gov Scandal Than Nixon's Watergate...(((~~~

You heard those words first on Zero Hedge, don't forget! (Well, OK, you heard me spew them in the comments section on ZH. . .. Axely, George Webb has said that a couple of times already so I added a couple of 'Muches' and swiped some undeserved credit too.)

The Awan Spy Ring Gets More Massive Every Day.

Day - 302.00 - The Awan Brothers have been vacuuming up intel right out of the halls of Congress and committee rooms for 14 years or more. ........................ Something tells me you can't be sucking that kind of intel out from under the nose of the most powerful security Goliath on the planet earth and not have a little 'inside help'. ... By 'little' I mean a couple of tour buses of standing room only co-conspirators. ........ This takes manpower just to lug the equipment around, folks.

https://www.youtube.com/watch?v=Vpfqej3KUtY

Of course, this could just be a conspiracy theory, right? (Ohhhh, fuck me standing up in the broom closet! ... I can't stand the silence, I need to take a moment to moan some. ........................ Ok, that's better. ......Now, where was I?)

Conspiracy theory or not, I think this should be looked into, don't you?

I mean, maybe this mountain of circumstantial evidence against known bad guys is just a coincidence OR George Webb has just uncovered the BIGGEST spy ring in the history of the planet AND everyone on Capital Hill should be setting in a federal lockup awaiting trial.

I think that's our problem here. ........ Not enough jail cells and not enough 'good' cops. .... Or apparently people who 'Give a shit'.

Don't even get me started on the FBI.

George you may just have to write a book and forget about getting ANY of this looked into.

You can call it "Mr. Webb Goes To Washington A Gets Eaten For Breakfast".

I'd like to see it called "AwanGate - The Black Swan That Fixed America", my damned self.

Live Hard, Keep Digging George, You're Bound To Punch A Hole Through A Gas Main Sooner Or Later, Die Free

~ DC v7.4

FlowerofLife's picture

If I may, George Webb is running a well-funded, well-researched psyops. Clearly, it’s against the Hillary faction within the overall power structure.

Since, to the best of my knowledge, George has never mentioned Gen. Kelly, or at least doesn’t highlight him, and Kelly’s last command included Haiti, that’s the faction he’s working for, and the side that provided him with the information he’s dripped out over almost a year at this point. That’s my current best guess, anyway. Look at Kelly's current command.

So, don’t worry about George’s contradictions and lack of fact-checking. Imo, he’s exposing certain people and crimes, and giving others enough advance warning to get away. As I’ve said several times, they’re all dirty, and some will walk.

DuneCreature's picture

Weeell, aaah, that was fairly retarded and painful.

Do you have a point? ... Or rather, what do you take as Montagraph's point with those interviews?

Live Hard, That Was A Lot Of Nothing As Far As I Could Tell, Die Free

~DC v7.4

JRobby's picture

This story is much to big and important to get any serious MSM coverage.

Consuelo's picture

 

 

As of this present time, there is no earthly power which possesses the wherewithal to legally engage Madame Defarge, let alone even get close to her.   And I think in a very sobering way, everyone here on this board - including our own indefatigable Magua, understands this.

As much as we would like to believe - as we did many insufferable times during her wife's administration, all roads to her lead to a dead end...

At this point, only the unseen hand that moves in mysterious ways can shine light on 30+ years of corruption, going all the way back to the governors mansion... 

east of eden's picture

Well, that sounds like kind of a dare. From what I've seen in life, everyone always gets what they deserve. no exceptions.

DjangoCat's picture

From 1789, was it ever thus?

DjangoCat's picture

Thirty years of writing and compiling evidence and suing the RNC, the MSM, and the Justice Department stonewaller pro se on Votescam got the Collier brothers precisely nowhere.  It did get Antonin Scalia his seat on the Supreme Court, however.  Unbelievable story, yet true.

"Votescam: the Stealing of America" by Ken and Jim Collier published by some tiny press in New York in 2000.  No one else will touch the story.

No wonder the MSM maintains that there is "no evidence of serious election fraud in the USA".  

Bullshit.  They are complicit.

DuneCreature's picture

*~)))).....A Tease? ... Or A Break In The Awan Investigation?.....((((~*

OK, you reporter dudes and dudettes, it is PILE ON TIME!!!

Here is the first phrase you enter into your story file. ... Let me help you.

You may want to name the file this if you store your goodies on an old system. =

Awan_Brothers_Spy_Ring_Selling_State_Secrets

The Hudson report - BREAKING NEWS =
https://www.youtube.com/watch?v=oMMNqljXcXw

Live Hard, Let's See If The Awan Brothers Can Get Their Ring Out Of The Diplomatic Pooch And Into The Air Just Like The Wright Brothers At Chicken Hawk, Die Free

~ DC v7.4

opport.knocks's picture

Isn't it obvious there are at least 2 levels of disinfo happening on this story. 

Level 1, The MSM just ignores the story - that covers 95% of the population

Level 2, False diversions like this one are created to distract the 1% inclined to dig a little deeper.

I exited your video as soon as I heard them say that the Awans were leaking to Russia and Pakistan. How fucking stupid does someone named Jason Goodman think we are?

Meanwhile the obvious truth is never spoken about. Israel wanted Trump elected and to punish Obama/Dems for the last minute about face on Iran. Mossad, including your boy George are 100% behind these diversions away from them. Mossad far more than Russia had the insiders, resources and capability to hack/leak, blackmail, etc. to get the job done. 

https://youtu.be/kCSUdSv9Dzo?t=9m24s (The names, ranks and serial numbers start at 9:24 - to save the rehashing of old 9-11 shit)

 

DuneCreature's picture

Well, to begin with, George isn't MY inside man nor Jason's interview my video.

I'm just the Relay Station Alpha Beta Zebra. ... This is raw intel I'm feeding.

I do promote Webb because he is exposing a lot of corruption and bad juju in DC.

I have had it figured that George and Jason are Mossad assets for quite awhile. .. George freely admits he gets some intel from Mossad sources. .... This is a Spy vs. Spy War, if you had to give it a name.

I couldn't agree with you more that the real Evil Pirate HQ is in Tel Aviv. ...

One of the only dudes who will say so. (Besides me and you.)

Brendon O'Connell - Calling DHS = https://www.youtube.com/watch?v=r78ByAqo5UM&t=313s

His GREAT YouTube channel = https://www.youtube.com/channel/UCFRV23uUZAf7l3tyq1CAoMA/videos

Recommended - short and sweet =
https://www.youtube.com/watch?v=pIsQLHrpyN4

I try not to make things too complicated for people. ... Or too scary. One step at a time.

Keeping attempted murder, repeated forced sodomy and massive theft on the light and zaney side helps to not put off your audience,... if you know what I mean. ... They will shut down if you give them too much at a sitting.

Live Hard, Always Cherry Pick All 'Actionable Intel' For Accuracy, Die Free

~ DC v7.4

SRV's picture

We're getting there DC...

847328_3527's picture

I'm looking forward to a 30-40% correction in the markets based on geopolitical uncertianty, communist take over of our government by the left, broke consumers, Obamacare premiums thru the roof, more riots and violence from the left and BLM killings of police. No one has the desire to shop anymore.

it's no fun, and in fact, dangerous. I read about Chinese being attacked in SF and LA and in the Houston China Town by thugs because they are easy target so my Chinese friends tell me. Throw in the gangs, black and mexican, and people lose the desire to get beat, or mugged.

Just look at what's happening on BART and DART.

Where's the media outrage?

dark pools of soros's picture

chinamen arent oppressed... they work so they can be taxed and robbed like whitey

and mexicans dont work hard like people try to say...they say they do all that shit work that no one wants to do... not really, they work for cheap but under the table so more of them can be hired which makes those jobs easier than if they paid a real wage for less people to do an the mexies can get tons of welfare since they dont report income

Mustafa Kemal's picture

"and mexicans dont work hard like people try to say...they say they do all that shit work that no one wants to do... not really"

jeesh, thats not my impression. Do you know any mexican workers?

swmnguy's picture

I see a crew of them right now, out my front porch windows, re-roofing the house across the street.  They showed up around 7:00 AM and set up for an hour, checking their watches, and didn't start making noise until exactly 8:00 AM.  It's been a little over 2 hours and they've already got half the tearoff done.

I hired one Mexican roofer and his son/business partner to re-roof my garage, and later called him back to patch an area on my roof.  Now I can hardly get rid of the guy; he wants to powerwash my house and re-paint it, do a little bit of concrete work I need done; I tell him I'm budgeting that work and I'll call him when I'm ready.  Those two guys work all the time.

The Mexicans where I live work their asses off.  In the elementary schools, their kids are the cleanest, best-dressed and show up every morning fed and ready to work.  The whole fam damily comes in for every single school event, and it's obvious the parents are shorting themselves to give their kids the best.

From what I've observed personally, the Mexican men show up and live ten to a flop apartment, work 25 hours a day, and bring up the women, children and old people.  Then they buy houses, fix them up and sell them to buy the next house.  The old folks provide the daycare for the little ones until they're all in school, then all the women go to work too.  Then they buy up building and equipment for their businesses.  They've cleaned up a neighborhood that for 30 years was junkies, hookers and "massage parlors," turning it into an area of little shops and constant bustle.

Really, poor white people could learn a lot from the Mexicans.

east of eden's picture

Well, at least one person still knows, and is willing to speak, the truth.

DjangoCat's picture

And I would guess they are mostly illegals.  The only way this makes sense to me is that keeping them illegal makes them slaves without rights, a bonus for the powers that be.

The whole thing stinks rotten.  Raise the curtain and expose the crooks in every community that control the law and the enforcement community and the judges.  Throw the bastards out.  

What happened to "Drain the swamp"?

 

Blankenstein's picture

I agree that there are hard-working Mexicans.  But, I'm not sure where you are from, but the rest of your post is idealistic.  

In the Chicago area, there are suburbs where Mexicans have moved in and now make up a decent percentage of the population.  These suburbs that once had minimal crime, are now plagued with gang problems.  The gangs aren't just concentrated in the inner cities, they are spread through the suburbs.  

 

Yog Soggoth's picture

You are severely misinformed about Mexican or otherwise wannabe Americans. They are sometimes paid under the table, true. Most of the time they are paid with someone else's ID. The hope for the deep state was that the Obama era would continue and all past crimes would be forgiven. Every stolen wallet is a thousand or more jobs spread across the Continent, and has been that way for decades

Using Leased Employees in Your Business - Bizfilings. Unfortunately those illegals can't even scrape off the ground to get back home because they already have a system to rip them off when they get here. Guatemalan fell off the third story? No problemo, he was never there, capeesh?

.  

east of eden's picture

'no one has the money to shop anymore'

fixed it for you.

DjangoCat's picture

"Where's the media outrage?"

They are pushing the growing dissension and chaos.  They seem to want to bring the house of cards down in a heap.  Smells like a Soros manoeuver, create chaos and short the market.

uhland62's picture

The correction will also come from the stockmarket being overvalued - 22 times profit on average is too high. Boeing was mentioned at some stage as pulling the price up - no wonder. They had tried to sell THAAD to South Korea since 2014 and the crisis that they prayed for to soften SKorea for the expense has happened. Well done!!!

Since the WSJ and with that the Dow is owned by the Murdochs I would not trust it. 

Doug Eberhardt's picture

Tyler, you missed the fact Gundlach was on CNBC touting gold, even more than Bitcoin. 

 

On Thursday (July 28), DoubleLine Capital CEO Jeffrey Gundlach told Reuters that he has exposure to gold, and forecast that gold would rise as "gold looks cheap compared to markets that have rallied a lot, including bitcoin and including Amazon."

 

https://www.cnbc.com/2017/07/28/is-now-the-time-to-get-back-into-gold.ht...