Jeffrey Gundlach, Andrew Hsu Webcast for DoubleLine Total Return: “In Our Time” 12-7-21 скачать в хорошем качестве

Jeffrey Gundlach, Andrew Hsu Webcast for DoubleLine Total Return: “In Our Time” 12-7-21

00:00 Introduction 02:47 Macro Discussion 51:41 DoubleLine Total Return Bond Fund Overview 1:01:58 Q&A Mutual fund investing involves risk; Principal loss is possible. The principal value of debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. Investments in foreign securities involve political, economic, and currency risks, greater volatility, and differences in accounting methods. Aired 12-7-21 With the Federal Reserve saying it’s on track to taper and end asset purchases by March, Jeffrey Gundlach warns in this webcast for the DoubleLine Total Return Bond Fund (DBLTX/DLTNX) that U.S. stocks and other risk assets, supported by more than a decade of quantitative easing, likely are headed into “rougher waters.” Speaking Dec. 7, 2021, Mr. Gundlach, CEO of DoubleLine Capital and Portfolio Manager, with co-Portfolio Managers Andrew Hsu and Ken Shinoda, of the DoubleLine Total Return Bond Fund, analyzes markets and economic readings “that are striking me as highly unusual in our world today.” (4:18) Overarching his analysis, Mr. Gundlach sees “markets and the economy and politics and everything else in society … accelerating towards that crescendo that I’ve been talking about for about 15 years” – a reckoning he thinks will take place not in some distant future but “in our time.” (0:41). Among those issues to be dealt with, he says, are unfunded liabilities of the U.S. government, now “above $160 trillion, which is something like 600%, 650% of GDP. “We’re going to have to deal with these problems in our time.” (10:54) Among the many phenomena covered in the webcast, Mr. Gundlach takes note of: prevailing negative real interest rates, including the federal funds rate, in context of a 6.2% year-over-year rise in the Consumer Price Index (9:48); consumer sentiment “dipping down into levels that in the past have been associated with recession” (16:25); “the highest wage growth in over 10 years or 15 years really” for low-wage workers (22:57); “the attractiveness on a valuation basis of emerging market equities” (26:26) amid U.S. equities appearing “really expensive versus the rest of the world.” Referring to the massive, debt-financed federal budget deficit and the U.S. current account deficit, Mr. Gundlach reiterates his view that in the second half of 2022 or in 2023, “the dollar is going to go down thanks to the twin deficit problem.” (29:29) An investment theme stemming from that outlook: “When the dollar starts to go down, you’re going to see tremendous outperformance by non-U.S. stocks…. Emerging markets will be a very strong performer when that happens.” • This material contains the opinions of the manager as of the date it was recorded and such opinions are subject to change without notice. • The material represents DoubleLine’s intellectual property. No portion of this presentation may be published, reproduced, transmitted, or rebroadcast in any media in any form without the express written permission of DoubleLine. To receive permission from DoubleLine, please contact media@doubleline.com. • The views and forecasts expressed in any materials on this website are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. There can be no assurance that the strategies described will achieve their objectives and goals. • DoubleLine® is a registered trademark of DoubleLine Capital LP. • ©2021 DoubleLine