Today at 4:15pm ET (1:15pm PT), bond king Jeff Gundlach will hold his monthly webcast titled appropriately "Drain the Swamp."
In his latest media statement, Gundlach - who predicted the Trump presidency and the resultant bond selloff - turned decidedly more bearish, telling Reuters on December 2 that "stocks have peaked," although the market clearly has disagreed for now.
The bond king also predicted that "The dollar is going to go down, yields have peaked and will move sideways, stocks have peaked as well and gold is going to go up in the short term." He continued: "I am less defensive now on Treasuries and I am less negative on the 10-year Treasury note at a 2.35 percent yield than we were at 1.35 percent yield," he said. "Bank of America's dividend yield is 1.39 percent while the 3-year Treasury yield is 1.45 percent. I mean, really?"
Gundlach also told Reuters that he had began purchasing Treasuries in the last week of November, repeating to avoid exposure to so-called "FANG" stocks, and remains bearish on the group. "People want something real," Gundlach said. "No more on this 'man behind the curtain' stuff. Industrials, materials ... people are tired of tweets. They want cement."
He concluded: "It is so late to be buying the Trump Trade." That, too, has so far proven inaccurate with the Dow Jones soaring over 500 points since his statement.
Has Gundlach maintained his recently bearish stance on stocks, and is he still buying bonds? Find out in today's webcast (Register here).