Gundlach

(Today, we have the date correct) DoubleLine's Jeff Gundlach (whose AUM is now well into the $30 billion area - a scorching ascent for the former TCW manager) will host a live call at 4:15 PM Eastern today, on the ever so salient topic (if somewhat regurgitated soundbite) of whether "To QE3 or Not To QE3: That is the question." As is traditional, Gundlach will accept questions from the audience. And as always, lots of very interesting tangential info to be gleaned from one of the truly objective and original thinkers out there.

Correction: the Gundlach call is tomorrow. We got a little ahead of ourselves. We will bring this post back tomorrow after the close.

DoubleLine's Jeff Gundlach (whose AUM is now well into the $30 billion area - a scorching ascent for the former TCW manager) will host a live call at 4:15 PM Eastern today, on the ever so salient topic (if somewhat regurgitated soundbite) of whether "To QE3 or Not To QE3: That is the question." As is traditional, Gundlach will accept questions from the audience. And as always, lots of very interesting tangential info to be gleaned from one of the truly objective and original thinkers out there.

Earlier, you heard it from Jeff Gundlach, whom one can not accuse (at least not yet) of sleeping on his laurels and/or being a broken watch, who told his listeners to "reduce risk right now" especially in the frenzied momo stocks. Now, it is David Rosenberg's turn who tries to refute the presiding transitory dogma that 'things are ok" and that a Greek default will be contained (no, it won't be, and if nobody remembers what happened in 2008, here is a reminder of everything one needs to know ahead of the "controlled", whatever that is, Greek default). Alas, it will be to no avail, as one of the dominant features of the lemming herd is that it will gladly believe the grandest of delusions well past the ledge. On the other hand, they don't call it the pain trade for nothing.

Your listened the call, now enjoy the Gundlach slides in the leisure of your own unrehypothecated concrete bunker, 50 feet below sea level.

While the star of multibillionaire Bill Gross may or may not be fading (the jury is still out on what the final outcome will be for the man who so far alone among his peers has dared to point out the lunacy in the Fed's actions), that of his far smaller and nimbler peer Jeff Gundlach of DoubleLine Capital has been rising rapidly, and at last check has his fund's AUMs at over $25 billion, a doubling in a few short months. Gundlach is conducting his periodic webcast live at 4:15pm Eastern (i.e., now) at the link below. Anyone can join in. And by the title of the presentaiton, it promises to be quite interesting. Click on the following Link for webcast or the image below.

The defining soundbite from the call Q&A: Regarding Bank of America - "It is wise to avoid banks. Not surprised BAC has gone up - just like NFLX - just like Italian bonds. Reduce risk right now, including, Bank of America."

DoubleLine's Jeff Gundlach, who has managed to double the AUM of his new firm in a few short months following an admirable return in 2011, and at last check had over $22 billion, as usual has put together a rather impressive slidedeck of raw data for his just completed investor call, which the chart porn addicts will salivate over for hours courtesy of the plethora of items covered: from Europe, to the US economy, to all financial products. Of particular note is slide 26 which shows the complete breakdown of the US bond market - it is curious that recently Treasurys became the biggest asset class on a relative basis, greater than both MBS and Corporate. The implication here is that the Fed, courtesy of being the largest single holder of Treasurys, now in effect is the marginal price setter of the largest US security.

Earlier today, DoubleLine's Jeff Gundlach's held another of his comprehensive overview webcasts, which unfortunately we missed due to the excitement in the Senate Ag Committee where Duffy "let one slip", however for the benefit of our readers we wanted to share the complete 72 page presentation as it covers diverse and critical topics in every aspect of the domestic and global economy.

Today, at 1:15pm Pacific Time (4:15 EDT), the head of DoubleLine Funds, Jeff Gundlach will hold an open discussion and webcast on the question of whether risky assets are cheap enough. Among the headline topics will be what the most efficient portfolio allocation for the current market going forward is (for those who missed the efficient frontier including real assets, gold appears to have been the best performer over the September 2008-September 2011 with a comfortable margin especially over equities, period much to the chagrin of various naysayers).Anyone can join the webcast at the following link; phone lines will also be made available at (877) 407-1869 or for international calls (201) 689-8044. Full webcast presentation of the webcast presented below.

Just out from Bloomberg:

• Jeffrey Gundlach Found Liable for Breach of Fiduciary Duty
• TCW wins trade secret claim against Gundlach
• TCW wins no punitive damages against Jeffrey Gundlach

Well, that's over and done with. At least a jury did not find him to be a worse bond investor than Bill Gross...

DoubleLine's Jeff Gundlach has released his latest presentation on the economy and the markets, titled, cryptically enough, "Now What?" Zero Hedge readers can access it below. For those who wish to hear Gundlach cover the key topics live, can do so in real time here (registration required) as he is currently holding a Q&A on the key topics presented.

And continuing with the rates discussion from the prior post, next up we have that "other" bond manager, DoubleLine's Jeff Gundlach, chiming in on what would cause a treasury rally following QE2. His assessment: nothing short of a confirmed double dip, or "zero GDP growth." Dow Jones reports: "Over the past two months, government bond market participants have fiercely debated whether the end of the Fed's $600 billion in Treasury bond purchases in June will trigger a market sell-off or rally...the U.S. government bonds' rally in recent weeks shows investors have already bet the Fed's exit from the market will boost safe-harbor Treasurys because the economy will slow. So any gains will be limited.  "The 10-year Treasury yield has hit the moment of truth," Gundlach said in an interview with Dow Jones." Needless to say, 0% growth, which is already in the cards according to a simple correlation analysis between Y/Y GDP growth and initial jobless claims, will force the Fed, in the absence of another fiscal stimulus (which everyone knows is not coming from DC this year and possibly next year either), to step up double time and to launch far more easing to offset the economic weakness which we have been predicting for 6 months, and which the recent Japanese earthquake, and Chinese slowdown, merely accentuated. The only wildcard continues to be Japan, which many have expected would take up the monetary slack and issue tens of trillions in yen in QE, yet which has so far been slow to come, leaving the ball in either the US or European court. However, with the ECB in transition as JCT wishes to cement his hawkish legacy, the only real alternative continues to be the Fed. Oddly enough, stocks today appear to have started to already price in the start of QE3. When this sentiments shifts to precious metals and crude, our advice would be to hide you kids, and hide your wife...

While presenting his view on this morning's S&P warning to Reuters, in addition to expressing his now "well-accepted" contrarian outlook to that of Bill Gross via-a-vis the US Treasury response to the end of QE2, DoubleLine's Jeff Gundlach (his latest complete presentation was posted here first) had some very cautionary words for both the economy and for stocks.

As usual, Jeff Gundlach provides one of the best, most comprehensive overviews of the economy with a fixed income/rates emphasis. 97 pages of pure facts as the voiceover was given during the earlier webcast, allowing the reader come to their own set of conclusions.

DoubleLine's Jeff Gundlach appeared on CNBC earlier, and among other things, the muni market was discussed.It appears that the fund manager whom many consider to be roughly in the same ballpark as Howard Marks when it comes to fixed income investing is very much in Meredith Whitney's camp when it comes to his outlook on muni market prospects. Asked by Faber if he believes that munis are ultimately going the way subprime securities did, Gundlach responds "If by that you mean lower, the answer is yes. If you mean crashing, I am agnostic on that." And for all those who love taking out their actuarial tables and their historical default data to refute what is simply common sense, Gundlach has a few words as well: "I don't think you need to know what the default rates are going to be, or need to know how low low is, munis are going to go down. There are going to be other shoes to drop. There might be so many it looks like Imelda Marcos' closet when all the shoes drop because all the states have to deal with this stuff.... Between here and the endgame lies the valley and the valley is full of fear. And I think the muni market is going to go down by at least 15 to 20%. At least." As for Kaminsky relentless advocacy of munis, this time coming out with the always disingenuous "hold to maturity" defense, Gundlach simply made a mockery of that whole spiel: "You know what the definition of an investor? It is a trader who is underwater. People say they hold to maturity until they get scared and sell. It gets scary when the prices start to drop. The fear factor here is going to be palpable." This is probably the single smartest statement ever made on CNBC, where for once a guest actually replied with what is elsewhere known as common sense, instead of ivory tower economic theories that work everywhere but in the market (yes, stocks just like housing can only go up, until they can't). Aside from that cue the congressional subpoena.

Now that Jeff Gundlach is out there making big residual waves (with Barron's as usual just 3-6 months behind the curve), here is, once again for those who missed it the first time around, Gundlach's latest presentation. The next update from Gundlach will be on March 15. We will present it to readers as soon as it hits.