Gundlach

The Billionaire Bears Club

"The next crisis won’t start in the equity market, or even the high yield bond market. The next crisis will occur when Central Banks lose control of sovereign bond markets. I know that is exactly the opposite advice that the Billionaire Bears Club boys are giving you, but I don’t mind being on the other side of their trade... Economic weakness will just mean more printing, it is economic strength that should worry the equity bulls."

Morgan Stanley: "Well, That Escalated Quickly"

"One scary scenario is that the rise in volatility becomes self-fulfilling, with investors selling as volatility rises and markets move lower, driving more of both. For this risk, watch if new lows in the S&P 500 are confirmed by new highs in the VIX. This scenario is also scarier if realised volatility can stay near implied" - Morgan Stanley

"You Could See Panic": PIMCO Joins Gundlach In Loading Up On S&P Puts

"If we see actual military altercation, markets can go a lot lower. And at the same time, volatility has been so low for so long that it doesn’t take much for markets to get worked up.... you will certainly see panic if all of this turns into a sustained military encounter."