![]() JEFFREY GUNDLACH: Yes that with the USMCA thing and the Ford Motor executive, those things seemed to come together and coalesce into we've had enough. SCOTT WAPNER: That seemed to be the tipping point. Suddenly the market seemed to wake up to the fact that this was real and the next day the stock market tipped over in fact, on October 3rd, Jay Powell said we're a long way from neutral. A senior executive at ford motor said, well obviously we're going to have to raise the prices on our cars if input prices are going up. It was October 3rd when the tariffs - well, it was that USMC - whatever it's called, it's really NAFTA but it was announced we would have this change in NAFTA that would lead to a requirement that a certain fraction of car parts be made in higher costs locales which basically meant not Mexico. JEFFREY GUNDLACH: That was kind of the last straw. And then finally when they decided they weren't going to tell you how many phones they sold anymore apple gave it up. All of these things, one by one, started to roll over and come the summertime or later in the summertime you were down to the FAANGs and then you were down to two stocks it was amazon and apple and then amazon gave it up. And so did the New York Stock Exchange composite, January 26 but the Dow Jones Industrials, the Nasdaq, the S&P 500. The global stock market peaked January 26th. And one after another you start to see various sectors of the global financial markets give it up. The way it was being treated and believed in was a mania and then it crashed about a week after we met a year ago and it was at 17,500 when we were speaking right in this spot and of course now it's down below 3,500 so an 85% decline. Maybe in the end it's a good thing or the block chain technology is a good thing. This time like we talked about a year ago it was crypto, bitcoin which was truly a mania, we talked a year ago it just went up. That's kind of crazy and then we had the subprime lending with pick a pay loans back in '05 and '06 and that was kind of crazy and that went on longer than it should have. It's more about how you lead into it, how it develops and how the sentiment changes, and I think we've had pretty much all of the variables that characterize a bear market I remember going - usually something happens that really doesn't make any sense at all and I'm kind of amazed how it goes on longer than it should like back in the dotcom days when companies were being IPO'd and had no sales let alone revenues that's hard to be and they would actually explode to the upside on the IPO. I've been around over 35 years in the business and have seen a number of bear markets. ![]() People like this definition of 20% down as a bear market, but that's obviously very arbitrary. JEFFREY GUNDLACH: Well in the fullness of time, I think absolutely we'll go below that. SCOTT WAPNER: Do you think we're going to go below that? We're still about 50 points above on the S&P of the February lows. JEFFREY GUNDLACH: I think it was December 13th last year. SCOTT WAPNER: Almost a year to the day we were last with you. SCOTT WAPNER: Welcome to Los Angeles Jeffrey. The following are links to video from the interview on :, ,, , and. The following is the unofficial transcript of a CNBC EXCLUSIVE interview with DoubleLine Capital CEO Jeffrey Gundlach and CNBC's Scott Wapner on CNBC's "Fast Money Halftime Report" (M-F 12PM – 1PM) today, Monday, December 17th. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower And, we've been underweight until very recently emerging market debt as well," added Gundlach.Best Debt Consolidation Loans for Bad Credit We've been in zero emerging market equities this whole time. "I kind of think the next move, the big move is to enter emerging markets. Gundlach is increasingly more optimistic on emerging markets, minus China (which he doesn't think is an emerging market anymore). The Wall Street Journal points out the total value of China's onshore stocks rose 20% in 2021, underperforming the S&P 500's advance. The investing headwinds in the country show up in how the country's key indexes performed in 2021.įor instance, the Golden Dragon Index - which tracks the performance of mid- and large-cap Chinese stocks - plunged about 49% in 2021. Meanwhile, the long reach of China's government also hammered after-school tutoring companies such as TAL Education Group - shares of the name plunged about 95% in 2021.Īll of this is in addition to China's ongoing fight against the rise of cryptocurrencies. DoubleLine founder Jeffrey Gundlach (right) tells Yahoo Finance China is uninvestable.
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