|
"I
think we can all agree that Donald J. Trump has massively
outperformed expectations in the past," Gundlach said on an
investor webcast, ahead of final results from Tuesday's
election.
Gundlach, who runs more than $106 billion of assets at Los
Angeles-based DoubleLine, did not repeat his prediction that
Trump would win.
Gundlach, who had been one of the first investors to forecast
Trump as the Republican nominee, said: "When Trump was just an
asterisk in the polls, I said he was a tremendously undervalued
asset."
Gundlach, known on Wall Street as the "Bond King," said he will
wait for stock markets to open on Wednesday to figure out
whether investors will extend Monday and Tuesday's rally. The
upward move in equities came after the S&P 500 index finished
lower on Friday for the ninth straight session, its longest
stretch of declines since December 1980.
Earlier this month, Gundlach said, "We got the bearish signal"
after the S&P 500 dropped below 2,130 for two consecutive days.
But Gundlach said on the webcast Tuesday: "We had a huge rally
yesterday on the (FBI Director James) Comey flip-flop,
flip-flop," referring to Comey's announcement on Sunday that a
review of a new trove of emails found no grounds for criminal
charges. "I don’t know if I’d call this a sell-off anymore."
(Reporting By Jennifer Ablan; Editing by Jonathan Oatis)
[© 2016 Thomson Reuters. All rights
reserved.] Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
|
