Jeff Gundlach Quotes
103 Jeff Gundlach Quotes (Jeffrey Gundlach, DoubleLine Capital, TCW Group)
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[In February 2003 on continually chasing and pushing the yield curve.] More money has been lost chasing yields than at the point of a gun.
Jeff Gundlach
[In September 2008 showing another reason why you shouldn’t be 100% fully invested at all times.] I just had a meeting with one of the biggest endowments in the United States. They said that for them to invest in something they have to sell something. I often hear people saying, 'We love thinking about distressed-mortgage opportunities because they sure are cheap, but we don't have any money to invest.'
Jeff Gundlach
[In September 2008.] The biggest mistake investors make is they are too short-term-oriented.
Jeff Gundlach
[In November 2005.] I don't know of any investor who gets excited about a long-term projected return of 4.5%.
Jeff Gundlach
[In July 2008.] If you couldn’t get your act together after four months of unprecedented financing terms, maybe you don’t deserve to be thrown yet another lifeline.
Jeff Gundlach
[In September 2008.] I've learned to be cynical…
Jeff Gundlach
[In September 2008.] Government programs usually underestimate the cost…
Jeff Gundlach
[In September 2008.] You might be surprised at how high interest rates go.
Jeff Gundlach
[In June 2010 on him setting up DoubleLine.] Do you really just want to punch a clock your whole life? Don't you want to roll the bones?
Jeff Gundlach
[In October 2010.] I am unbelievably patient, I have a memory like an elephant, and a very high ability to focus.
Jeff Gundlach
[In June 2013 on setting up DoubleLine.] We learned as we went along.
Jeff Gundlach
[In June 2013.] Every minute that you spend fretting over success or failure is a minute that you're not working the business.
Jeff Gundlach
[In December 2013.] You can take advantage of pockets of opportunity in what people don't want.
Jeff Gundlach
[In December 2013.] Everyone always says, ‘What's the catalyst?’ Well, you never know until after the fact.
Jeff Gundlach
[In January 1998.] Sometime early in the year will bring a significant buying opportunity for emerging market bonds.
Jeff Gundlach
[In August 2003 the unlikely scenario of facing the twin challenges of a lengthy period of rising rates and renewed inflation but if there was even a mild jump in rates it may make it] Hard to make money and sleep at night.
Jeff Gundlach
[In January 2004 on yields on ten-year Treasury notes hitting 3.1% last June, the lowest in 40 years.] Stupid level.
Jeff Gundlach
[In November 2005 on buying Mortgage-backed securities (MBS) for Trust Company of the West in the mid-1980s.] I was 28 years old, talking about these in meetings, but nobody cared.
Jeff Gundlach
[In November 2005.] What's wrong with a Ginnie Mae yielding 5.5%-and no credit risk-with rates still near historic lows?
Jeff Gundlach
[In November 2005.] We could face a low-yielding, low-return world for a sustainable time frame. Look, people want to dream. Low yields have fueled this tremendous demand for real estate and other alternative investments like hedge funds, whose returns have been sub-par.
Jeff Gundlach
[In November 2005 on what he would have done differently.] I would have sold MBS for Treasuries in the fall of 2002. It was clear then that prepayments would explode and MBS would underperform. And I would have much more aggressively loaded the boat with junk bonds in the fall of 2003. I'm too conservative.
Jeff Gundlach
[In November 2005 on what got him interested in specializing in MBS.] Back in 1987, I was going through an encyclopedia of money managers that included a paragraph on ways they outperformed the market. I saw that there were 2,000 bond guys taking on the same strategy. I said to myself, This is absolutely hopeless! We've got to do something different.' We knew we were really good in mortgages.
Jeff Gundlach
[In 2006.] The biggest challenge entering 2005 was a perception among investors that spreads were tighter and opportunities were fewer on a long-only basis.
Jeff Gundlach
[In June 2007 on the subprime mortgage sector.] An unmitigated disaster.
Jeff Gundlach
[In June 2007 on Merrill Lynch seizing $850 million of Bear Stearnsfunds’ bonds as collateral when it had lent money to Bear Sterns to invest and then putting them up for sale with investors having until 4:00pm Wednesday to make their offers.] In the world of subprime, it's a major, major debacle.
Jeff Gundlach
[In June 2007 more on Merrill Lynch seizure of Bear Stearns collateral.] It's very big deal for a small corner of the market.
Jeff Gundlach
[In August 2007.] Now, you have the Fed looking more aware of the liquidity crisis.
Jeff Gundlach
[In August 2007 on 3-month LIBOR (London interbank offered rate) moving up to 5.58% from 5.36% a month ago means that] Nobody wants to lend you money.
Jeff Gundlach
[In March 2008.] It's been nothing short of a bloodbath in the financial area.
Jeff Gundlach
[In March 2008 on the problem with subprime loans spreading and exposing many investment banks that borrowed too much to bet on assets.] Clearly people talking about the problem being contained are wrong.
Jeff Gundlach
[In July 2008.] The credit crisis has obviously entered into a new phase - the government has one bailout left in them, and this is it.
Jeff Gundlach
[In July 2008.] One of the consequence of Freddie and Fannie is that other firms are allowed to go under. If you couldn’t get your act together after four months of unprecedented financing terms, maybe you don’t deserve to be thrown yet another lifeline.
Jeff Gundlach
[In September 2008.] Thain at Merrill Lynch did a very smart thing… in keeping shareholders from being swallowed up by this vortex.
Jeff Gundlach
[In September 2008.] There is going to be a very large bill to the taxpayer. The government has talked about $200 billion being available, but I've learned to be cynical about these things. Government programs usually underestimate the cost, so it probably will be higher than that.
Jeff Gundlach
[In September 2008.] Inflation risk down the line… We are looking at a longer-term inflationary force that is pretty substantial. This has been my view for a long time.
Jeff Gundlach
[In September 2008.] The multiyear bottom in interest rates that started around 2002 will probably last into 2009. Then we are going to see the inflationary aftermath of these government policies, and you might be surprised at how high interest rates go.
Jeff Gundlach
[In September 2008.] The government can subsidize the interest rate for mortgages… But it is not going to change the person who basically doesn't want to pay the loan back because since the loan now exceeds the value of the house, they are going to own this big loss if they pay the loan back. So the only solution for those people would be a big modification in which some of the principal gets written down.
Jeff Gundlach
[In September 2008.] Everything is supply and demand.
Jeff Gundlach
[In September 2008 on the key lesson’s he’s learnt from the credit-crunch.] Every time I go through one of these, I learn a little bit more, and I always tell myself the same thing: You have to be patient. There is never any hurry getting into markets that start on the down roller coaster. The biggest mistake I made in this cycle was back in August and September of last year, when I bought a few prime, non-agency mortgages that I thought were bulletproof. I believe they are going to return 100, or par, and that they are bulletproof, but they are down 15 points since I bought them.
Jeff Gundlach
[In September 2008.] There is never that big of a hurry to get into a market that is in a cyclical bad period.
Jeff Gundlach
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