Gundlach: Time to buy interest rate risk


"People are absolutely freaking out about interest-rate risk," says Jeff Gundlach, sitting down with Robert Shiller to size up the investment landscape. Ever the contrarian, Gundlach suggests last year's 1.4% low in the 10-year Treasury yield could still get taken out. The catalyst? "You never know until after the fact; otherwise, it would be priced in the market. But there is no inflation."

The see "freaking out" in a picture, check out the price charts of the mortgage REITs, particularly the two proxies for riding the long end of the curve - Annaly (NLY) and American Capital Agency (AGNC). Gundlach: "You can take advantage of pockets of opportunity in what people don't want ... If you're willing to take the interest-rate [risk], you can get yields of 11% in the agency mortgage market."

Constructive on housing (but not homebuilders), Gundlach is also bullish on non-agency mortgage paper, calling it the cheapest sector in fixed income on a risk-adjusted basis. Fans of also beaten-up non-agency mREITs like American Capital Mortgage (MTGE), MFA Financial, Dynex (DX), and Two Harbors (TWO) may want to take notice.

Mortgage REIT ETFs: REM, MORT, MORL

Long-duration Treasury ETFs: TBT, TLT, TMV, TBF, EDV, TTT, TMF, TLH, ZROZ, SBND, DLBS, VGLT, UBT, TLO, LBND, TENZ, TYBS, DLBL

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Comments (71)
  • Regarded Solutions
    , contributor
    Comments (20537) | Send Message
     
    This guy has been wrong basically forever. Even in his comments here, he is totally confused. If the 10 year drops below 1.4%, what would that do to spreads for the mREITs. Completely ridiculous to take any risk in mREITs.
    30 Nov 2013, 09:50 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (10920) | Send Message
     
    He has been so wrong that he has built a personal fortune north of $200 million.

     

    He is so confused he called the top in AAPL when very few dared do so on TV.

     

    A sub-1.5% 10 Year would result in MASSIVE gains in the mREIT portfolio.

     

    mREITs are only risky for short term speculators.

     

    If you short NLY you will have to pay the double digit dividend.

     

    Have fun with that.
    30 Nov 2013, 10:14 AM Reply Like
  • Patent News
    , contributor
    Comments (1459) | Send Message
     
    what's your track record vs gundlach sir?
    30 Nov 2013, 12:02 PM Reply Like
  • Swisser998
    , contributor
    Comments (139) | Send Message
     
    You were high on NLY not so long ago, RS. Maybe you should slow down and think before you call anything "ridiculous".
    30 Nov 2013, 03:16 PM Reply Like
  • bgold1955
    , contributor
    Comments (2348) | Send Message
     
    He made his initial AAPL sell call just a bit north of $ 550 in April 2012 which was $155 premature to the $ 705 high. I understand CNBC & various others make the claim he made the perfect call but he did not. It looked like a good call when AAPL was in high 380's this year & he did buy back @ approximately $425, per his statement, but his short took almost 1 year to really work & then he bought again. He did make money & I believe he will make money on the 425's.
    30 Nov 2013, 05:22 PM Reply Like
  • Lee Hoffman
    , contributor
    Comments (329) | Send Message
     
    RS: You really can't have it both ways. Prior writings would indicate that you believe that the greatest systemic risk to these positions is a deteriorating book value inhibiting the ability to leverage, not to mention the increased costs of hedging all caused by the inevitable rise in longer term interest rates and the correlating rate for mortgages. All of the above has proved to be correct. All this individual is saying is that he believes that the recent spike in interest rates is temporary, that the Fed will continue to intervene as they have and may even increase their positions. Which, if true, would indeed repair the damage done to the MREIT sector. If you do not believe he is correct ( and many don't) then simply say that you believe the end of QE is here (or will be soon) and that the sector will continue to behave under pressure. Frankly, as far as I'm concerned, the jury is still out, especially when one considers the inevitable unpredictability of government and politics.
    30 Nov 2013, 06:37 PM Reply Like
  • LTR
    , contributor
    Comments (5) | Send Message
     
    just an FYI to you DVL- "Jeffrey Gundlach is an American business executive who has a net worth of $1 billion"
    1 Dec 2013, 01:02 AM Reply Like
  • northhills24
    , contributor
    Comments (1733) | Send Message
     
    DPV just an FYI -Jeffrey Gundlach has a net worth of $1 billion.
    Jeffrey Gundlach graduated from Dartmouth College with dual degrees in Mathematics and Philosophy. He went on to attend Yale University, as a PhD candidate in Mathematics. He gained widespread notice within the financial community as the head of the TCW Group's Total Return Bond Fund. TCW is a major investment firm dedicated to providing high net worth people and institutions with investment strategies. While serving as head of the fund, he regularly finished in the top 2% of all funds invested.
    He now serves as Chief Executive Officer and Chief Investment Officer at Doubleline, and is widely recognized as the most knowledgeable investor currently working with regards to bonds and fixed income investments.
    1 Dec 2013, 10:08 AM Reply Like
  • annedonc
    , contributor
    Comments (59) | Send Message
     
    RS, with all due respect, and I enjoy your articles as a rule, if you think Gundlach as been "wrong basically forever", either you have some type of animosity towards him that prevents an appreciation of his long term bond record (see Barrons "The King of the Bonds" in 2011), or you have developed a profound case of being non-informed. Such a statement makes me very wary of your usual insightful dialogue..
    30 Nov 2013, 10:12 AM Reply Like
  • Regarded Solutions
    , contributor
    Comments (20537) | Send Message
     
    I might have exxagerated but he has been wrong with mREITs! ;)
    30 Nov 2013, 10:18 AM Reply Like
  • laterre
    , contributor
    Comments (639) | Send Message
     
    When, exactly, was he wrong about mreits? In early 2013 when he was calling them toppy and warning everyone that dividend cuts were inevitable? Or fall 2013 to the present day (after they tanked) when his position has flipped 180 degrees to the view that they're cheap at these current discounts to NAV?

     

    Like anyone else, he doesn't bat 100%. But he's made some amazing calls over the past five or six years on IR moves, understands when things are expensive and cheap, and manages risk as well as anyone in the business.
    30 Nov 2013, 02:07 PM Reply Like
  • Martzee
    , contributor
    Comments (143) | Send Message
     
    No worries. RS is currently bearish on mREITs and thus everybody else who is not is an idiot. That's all. We all tend to act that way time to time. Myself included.

     

    I do not sell stocks I acquire unless there is a serious reason, so I am only buying when they are cheap and then hold them. mREITs are now in that category.
    5 Dec 2013, 10:10 PM Reply Like
  • burghdood
    , contributor
    Comments (68) | Send Message
     
    Still, it's nice to hear a true contrarian make an unpopular call. He's made a fortune by being ahead of the curve & many a fortune has been made (& lost) when ther'se "blood on the streets! I'm neutral, but watching...all the bad news prob. hasn't yet been baked in, but wouldn't be surprised if the 'Latch & co. are poised to hit the buy button when the Yellen Fed announces the beginning of the Taper (sometime in nxt 18 mos?) Big initial blowoff on agencies (especially); then slow retracement of sp & divvies looking more solid going fwd. perhaps...
    30 Nov 2013, 11:17 AM Reply Like
  • drking
    , contributor
    Comments (252) | Send Message
     
    the MREITS are not a buy & hold Jeff is making a guess & if the SP moves down more they will buy as i will. I have held AGNC off & on for about 5 yrs now. Only made about 300% on it sold it off at $32.xx earlier this year. bought back at $22 buying more as it moves down. Share price is at a discount to BV & excellent dividend ???? (dividend during the time I have held this is almost = to share price now)
    30 Nov 2013, 12:08 PM Reply Like
  • Tack
    , contributor
    Comments (16141) | Send Message
     
    The perfect time to reload on MREITs will be the week or two when tapering finally actually commences, and markets sell off interest-rate-related issues in a final panic, even after they have been priced below market in pending QE-taper fear. Then, after the world discovers that interest rates don't mushroom higher, post-QE, MREITs will rally significantly.
    30 Nov 2013, 12:56 PM Reply Like
  • burghdood
    , contributor
    Comments (68) | Send Message
     
    I think a Yellen announcement (I think she'll telegraph the punch, in the name of "clarity, transparency & predictability") will say something like "The fed will commence the Taper at the beginning of XX Month by 15%, & we'll see what happens"...seems like we'll have a week or 2 before it hits. Count on a massive overreaction the first couple days while the Bill to Trill $ in bets gets reshuffled-may have a week window to really grab a bottom bargain-keeping my powder dry till then.
    30 Nov 2013, 06:27 PM Reply Like
  • chopchop0
    , contributor
    Comments (4898) | Send Message
     
    "The perfect time to reload on MREITs will be the week or two when tapering finally actually commences"

     

    Actually, by then, it will be too late. Remember the market anticipates typical
    1 Dec 2013, 12:21 PM Reply Like
  • Tack
    , contributor
    Comments (16141) | Send Message
     
    chop:

     

    Nope. It's been proven time and again that when it's claimed that such-and-such has already been "priced in" that the market always finds a way to have one last capitulatory dive, however brief. That's when one strikes.

     

    Often times, one can observe exactly the behavior we're seen now in MREITs, as the debate ensues about their future. First, there's a significant erosion, followed by some too-early buying attempts, followed by more weakness, etc. This may repeat itself several time, ratcheting down the ladder until the original feared event is actually realized. Then, we see a momentary steep spike down on high volumes, followed by an equally steep spike upwards.

     

    It's the classic signal of a capitulation. We're still waiting.
    1 Dec 2013, 12:40 PM Reply Like
  • chopchop0
    , contributor
    Comments (4898) | Send Message
     
    Good luck timing mREITs.

     

    I've found that when people look for an "all clear" signal to buy anything, they've already missed the big gains. But maybe mREITs are different from everything else
    1 Dec 2013, 01:43 PM Reply Like
  • burghdood
    , contributor
    Comments (68) | Send Message
     
    Factor in the complications inherent in the hints of a poss. policy shift, by Fed Economists Wilcox & English at a recent IMF conference: they admit that the Bond buying hasn't had the (Keynesian) hoped for stimulus in real eco. activity...the new game plan may be to Taper the Bond buying , but keep real interest rates low until 2017 (how, I'm not sure). How would this affect the 10yr vs. short term rates? Housing?? REITS & AGNC???
    Stay tuned-if this goes down as telegraphed; it'll be hard for bulls OR bears to proceed with any confidence!! May just be sideways action with a decent dividend, which would be fine with me!
    1 Dec 2013, 06:45 PM Reply Like
  • murray555
    , contributor
    Comments (428) | Send Message
     
    I expect we will be having these same discussions 10 years from now. Except I will have collected a S*#t load of dividends by then. Just like the last 10 years.
    2 Dec 2013, 03:20 PM Reply Like
  • Martzee
    , contributor
    Comments (143) | Send Message
     
    What keeps markets rising? What keeps economy growing (mediocre but at least something)?

     

    QE

     

    What happens when you take this drug from the addict away?

     

    FED will never taper, they know it, but they keep talking about it. They inflated this too much to exit it without a big big-bang crash.
    5 Dec 2013, 10:16 PM Reply Like
  • not so dumb blond
    , contributor
    Comments (250) | Send Message
     
    Anyone who believes there is no inflation has not been to the grocery store in the past year or so.
    30 Nov 2013, 01:08 PM Reply Like
  • omarbradley
    , contributor
    Comments (966) | Send Message
     
    deflations are a true rarity...unheard of in the post war world II world actually...so your critique is absolutely justified. having said that sometimes one must "peer through the data" to see the risks involved in something "historical" in nature. i do agree deflations by definition are "counter-intuitive" by nature. "why would prices ever fall?" is everywhere and always a good question.
    30 Nov 2013, 05:27 PM Reply Like
  • sparker561
    , contributor
    Comments (104) | Send Message
     
    Hasn't Japan been suffering deflation for a decade or more?
    1 Dec 2013, 05:13 PM Reply Like
  • murray555
    , contributor
    Comments (428) | Send Message
     
    They don't factor in food, energy and health costs when determining if we have inflation.....waddayag...
    2 Dec 2013, 03:21 PM Reply Like
  • therebel
    , contributor
    Comments (26) | Send Message
     
    I'm in DSL with him also. I did have his original bond but bailed for AGNC due to the return as his original bond could not move to the money makers out there do to restrictions in its covenants (he said this). He knows how to make money in the long run.
    30 Nov 2013, 01:09 PM Reply Like
  • Robert Duval
    , contributor
    Comments (7852) | Send Message
     
    Nah, I'm putting all my money in twitter instead. No dividends and what, only 30 times sales?

     

    Who's with me?
    30 Nov 2013, 02:33 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (10920) | Send Message
     
    Melissa Lee told me through the TV screen that TWTR is HOT, HOT, HOT!

     

    Strong buy.

     

    ...just kidding! :)
    30 Nov 2013, 04:08 PM Reply Like
  • Mitch777
    , contributor
    Comments (8) | Send Message
     
    LOL. Actually IMHO it's Melissa Lee herself that's HOT, HOT, HOT!!
    2 Dec 2013, 12:01 PM Reply Like
  • efactor
    , contributor
    Comments (630) | Send Message
     
    Re: DX, I'm riding with my 20 yr plus management team.

     

    % of Shares Held by All Insider and 5% Owners: 7%
    Holders Shares Date Reported
    AKIN THOMAS B 1,138,821 May 10, 2013
    IGDALOFF BARRY 312,155 Jun 13, 2013
    BOSTON BYRON L 263,541 Apr 2, 2013
    BENEDETTI STEPHEN J 140,855 Mar 29, 2013
    HUGHES MICHAEL R 71,552 Jun 7, 2013

     

    Total Insider Shares Held: 4.05M
    % Net Shares Purchased
    (Sold) last 6 months: (1.5%) @ 10.50 per share. I would sell at that price too!!

     

    Who's bailing out? Certainly not management!
    Who is? Of course the Institutional investors. Some apparently aren't willing to take the perceived risk for obvious reasons.

     

    Net Shares Purchased
    (Sold) (2,226,760)
    % Change in Institutional Shares Held: (9.95%)

     

    So, the question is who's speculating?
    30 Nov 2013, 02:49 PM Reply Like
  • jraskib
    , contributor
    Comments (878) | Send Message
     
    Almost all mREITs management have been lately buying. Nobody's sold. In spite of many saying that what the Officers and Directors are buying is peanuts comparing with their compensation, still we are talking $millions.
    30 Nov 2013, 03:12 PM Reply Like
  • efactor
    , contributor
    Comments (630) | Send Message
     
    Director, Akins' stake is over $11m. I would say for a small firm that is a substantial investment.
    30 Nov 2013, 03:20 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4200) | Send Message
     
    I think I am with Tack and Gundlach - mREITS getting interesting but final flush will still commence. Not a bad time loading up though long-term but could get better.
    30 Nov 2013, 04:04 PM Reply Like
  • bgold1955
    , contributor
    Comments (2348) | Send Message
     
    Truffle.... Agree mreits will go lower, AGNC in mid to high teens is my guess.
    30 Nov 2013, 05:29 PM Reply Like
  • surfgeezer
    , contributor
    Comments (9484) | Send Message
     
    yep. Still to low a yield for the risk.Not adding back yet.
    2 Dec 2013, 12:07 AM Reply Like
  • leopardtrader
    , contributor
    Comments (3516) | Send Message
     
    The simple truth is that expectation is for yield to rise and so hurts mREITs and will continue. Contrarian bets are but necessarily gutsy but with information market is not factoring. Generally discounting inflation unless market is factoring that this recovery is "fake" then Gundlach will make money. The fact is that FED want inflation and there will be one very soon. It will be unthinkable for 10 year to go back even below 2.% else FED would have failed. The trade is to sell on rally on bonds and so related REITS
    30 Nov 2013, 05:32 PM Reply Like
  • VTH
    , contributor
    Comments (517) | Send Message
     
    When the price of AGNC drops ( when interest rate increases ), will the dividend remain the same? Can someone answer. 15% yield is very promising. And, also, some one said, it should be a short term play, does it?
    30 Nov 2013, 08:06 PM Reply Like
  • Ajayyy
    , contributor
    Comments (325) | Send Message
     
    If price drops it means the book value is lower. At higher interest rates they will have to cut the payout again as the rates eat into their profits and BV.
    But I'm not 100% sure on this.
    30 Nov 2013, 09:00 PM Reply Like
  • AllStreets
    , contributor
    Comments (1435) | Send Message
     
    Agree with Gundlach that IR risk is low for a little while (few months?). Commercials are the most long 10-yr and 30-yr Treasury futures than at any time in the last two years, and the last time they were this long there was a multi-month rally (not straight line of course). I buy mREITs for income and hedge, but I suspect there will be a rally for the next few to several months. Discounts to book value are high, discounts in preferreds and CEFs are high, spreads are actually a little better with higher mortgage rates. If there's a rally in 10-yr notes and MBS we should see book values rise and discounts close, and spread income looks OK for a while.
    30 Nov 2013, 08:14 PM Reply Like
  • Dividends#1
    , contributor
    Comments (4044) | Send Message
     
    Hi AllStreets,

     

    You are painting a positive scenario for AGNC over the next several months.

     

    I used to follow the Commercials interest in 2008-2011 in copper futures. If I recall, they are ALWAYS right EVENTUALLY, it sometimes took a year or two, but if their position kept INCREASING either SHORT or LONG, they eventually were RIGHT!!!

     

    I made money on FCX, because I bought it in 2008-2009 as it got crushed, knowing that copper would have to eventually rebound one day. Well the commercials kept INCREASING their long positions in copper, and it took a long time, but they turned out right as they always are!!!

     

    Thanks for reminding me about those BIG BOYS.
    30 Nov 2013, 09:10 PM Reply Like
  • omarbradley
    , contributor
    Comments (966) | Send Message
     
    FCX made their money in natural gas and "diversification"...good buy...but know what your company is up to as well. natural gas prices would end up getting crushed but FCX had played the market correctly...i believe spinning off the natural gas unit at the height of the mania...and now as copper prices have clearly peaked and commodity prices in general roll over you get a nice "natural gas dividend" in the form of a rising natural gas price since its price collapse.
    1 Dec 2013, 12:46 AM Reply Like
  • Dividends#1
    , contributor
    Comments (4044) | Send Message
     
    Hi omarbradley,

     

    When I bought FCX back in 2008, its core business was copper, 80% of the revenue was derived from copper, gold was about 10%. It is an international mining company. Hence the name Freeport-McMoRan Copper & Gold Inc. FCX had nothing to do with natural gas. I have not followed them since 2010-2011. If they have gotten into the natural gas business, it was after I sold FCX.

     

    The only reason I mentioned FCX was because, I learned about the commercial traders accuracy back then concerning copper futures.

     

    I have zero interest in FCX now.

     

    If you read my profile, I only own 3 stocks, with the goal being income from the dividends.

     

    AGNC,MO and KMR

     

    My natural gas investment is in KMR.

     

    Good luck to you.
    1 Dec 2013, 07:40 AM Reply Like
  • TAS
    , contributor
    Comments (3403) | Send Message
     
    I think Gundlach is one smart bond guru and has made some excellent prognostications. I own an overweight position of DLTNX in my income and permanent portfolios.

     

    Still, I hedge.
    30 Nov 2013, 10:49 PM Reply Like
  • jamesrattenborg
    , contributor
    Comments (7) | Send Message
     
    It might be safer to invest in some companies that lend to other small businesses. Some of these finance companies offer dividend yields comparable to reits with a lot less risk of a loss of capital.
    1 Dec 2013, 12:51 AM Reply Like
  • dakota444
    , contributor
    Comments (96) | Send Message
     
    There is no inflation????? Where has this guy been living--Mars???
    1 Dec 2013, 02:20 AM Reply Like
  • chopchop0
    , contributor
    Comments (4898) | Send Message
     
    Nah, with the Obama administration and the federal reserve :)
    1 Dec 2013, 12:22 PM Reply Like
  • macronaut
    , contributor
    Comments (93) | Send Message
     
    I'm with Grunlach all the way on this call....buy! Buy!....not bye bye! The contrarian view is supported by the low inflation numbers. he is absolutely right on about the market freaking out about interest rates. I remain long on a number of mReits including MORL, of which I intent to buy more next week.
    1 Dec 2013, 02:20 AM Reply Like
  • Elcabob
    , contributor
    Comments (2) | Send Message
     
    I'm long on nly
    1 Dec 2013, 02:30 AM Reply Like
  • smurf
    , contributor
    Comments (5782) | Send Message
     
    I will go with Gundlach on this one. He has a few hundred million dollar track record to back him up. He doesn't need to write about things....he successfully does them.

     

    Those who say he doesn't know what he's talking about......well......
    1 Dec 2013, 08:22 AM Reply Like
  • jraskib
    , contributor
    Comments (878) | Send Message
     
    Sorry, All Str and Div #1: Who (or What) are Commercials?
    Please, explain to a street guy.
    1 Dec 2013, 10:23 AM Reply Like
  • Dividends#1
    , contributor
    Comments (4044) | Send Message
     
    jraskib,

     

    Just google commercial traders. I only knew they traded commodity futures. I guess they also trade treasury futures. Let me know what you find.

     

    They use the futures as a hedge. Someone else chime in, I have to leave the computer for now.
    1 Dec 2013, 11:22 AM Reply Like
  • Toofuzzy
    , contributor
    Comments (252) | Send Message
     
    I would be more inclined to wait for the first Fed rate cut after a longperiod of them raising rates. That will be a few years from now.

     

    Short term move ...... maybe ..... but I dont trust it.
    1 Dec 2013, 10:31 AM Reply Like
  • 0123
    , contributor
    Comments (75) | Send Message
     
    Half of 85 billion that Fed prints each month goes to buy only mortgages. Taper currently will not touch that at all- it only touches the other half. Only when fannie and freddie become truly solvent, can Fed stop that money printing. That will not happen in the next 2 years. If fed stops printing money for mortgages now, treasury will loose 3 billion a qtr interest payments. In addition short term interest rates will spike to near 2 % from almost zero now.
    1 Dec 2013, 11:12 AM Reply Like
  • therebel
    , contributor
    Comments (26) | Send Message
     
    Investing is a lot like combat, if you keep a cool head, your outcome will likely be better, those that panic are toast!
    1 Dec 2013, 12:53 PM Reply Like
  • appledeadmoney
    , contributor
    Comments (44) | Send Message
     
    I think Gundlach is one of the better market guys to follow. However, he does get quite a bit wrong. Heading into 2013 he was pounding the table on silver and said U.S. equities were immensely overvalued. Look where those calls sit at year end.

     

    So yes. He can be wrong. Most professionals have hits and misses. He is no different.

     

    That said, I am not sure I would be rushing into these mreits just yet. Tack makes a valid point. The final flush has not occurred yet. Also, the technicals on all these stocks appear weak and more downside may be forthcoming.

     

    The dividends also have been on the decline.... Something to consider.
    1 Dec 2013, 11:05 PM Reply Like
  • Patent News
    , contributor
    Comments (1459) | Send Message
     
    a 13.7% dividend being cut by 30% will be no big deal as long as the stock of NLY does not decline by 5-10% it's still a net winner.

     

    just in case it does decline rapidly these next few weeks due to taper fears, hedged by buying puts in the 9.5 range.
    6 Dec 2013, 02:23 AM Reply Like
  • 0123
    , contributor
    Comments (75) | Send Message
     
    There is nothing that is right all the time. We make choices base on the data. Key is to look for the accuracy and the meaning of the data.
    2 Dec 2013, 10:11 PM Reply Like
  • Momintn
    , contributor
    Comments (5888) | Send Message
     
    Homebuilders are going to do great this summer, no matter what the interest rate is. Did you see the ADP this morning? Jobs will lead to people wanting to buy new homes.
    4 Dec 2013, 09:24 AM Reply Like
  • Patent News
    , contributor
    Comments (1459) | Send Message
     
    yes good point.
    6 Dec 2013, 02:23 AM Reply Like
  • Regarded Solutions
    , contributor
    Comments (20537) | Send Message
     
    So Gundlach changed his tune...yeah a genius.

     

    http://on.barrons.com/...

     

    So far, I have been correct about just about everything concerning both NLY and AGNC while he has been completely wrong, as my very first comment stated.

     

    Some folks are impressed with degrees and affiliations...I am impressed by results.

     

    Have a pleasant day.
    21 Dec 2013, 09:26 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (10920) | Send Message
     
    Regarded Solutions:

     

    Prove that you have more money than Gundlach.

     

    Otherwise, what credibility do you have vs. his actual, published results (not to mention his personal gigantic net worth compared to yours).
    21 Dec 2013, 11:56 AM Reply Like
  • Regarded Solutions
    , contributor
    Comments (20537) | Send Message
     
    prove that you are not a bot.
    21 Dec 2013, 12:04 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (10920) | Send Message
     
    Yeah, I didn't think you could back up your ripping of publicly successful Gundlach with your own results and proof of personal net worth.

     

    Just like those people who rip Tom Brady even though they couldn't pass a ball more than 20 yards or buy a $20 million estate for THEIR families.
    21 Dec 2013, 12:06 PM Reply Like
  • Regarded Solutions
    , contributor
    Comments (20537) | Send Message
     
    It really is none of your business. Tom Brady is on my Fantasy Football team.

     

    The fact is....he (Gundlach) was wrong, but now he is right.

     

    Basically what I said from the beginning.

     

    BTW you might be a bot since you have not proven otherwise.

     

    That is that, see you in the funny papers.
    21 Dec 2013, 12:09 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (10920) | Send Message
     
    So it IS my business to know how right you are (via your voluntarily produced articles) but it is none of my business to see proof that you are a better fixed income analyst than Jeffrey Gundlach?

     

    Interesting.

     

    Why post how right you are then decline to prove it with audited financial statements?

     

    (Of course, you could black out the lines on any form that would reveal personal information such as addresses, account numbers, etc.)
    21 Dec 2013, 12:16 PM Reply Like
  • Regarded Solutions
    , contributor
    Comments (20537) | Send Message
     
    DVL....when you pay me for portfolio management advice I will show you anything you want but I choose NOT to have you as a client. I manage high net worth private accounts.

     

    Aside from that, for free, you can read all of my articles and portfolios of which I also own for every portfolio I manage. You can also choose not to read them. Your call.
    21 Dec 2013, 01:08 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (10920) | Send Message
     
    Funny how you don't charge people to read about how right you are but you charge people to SEE how right you are (or aren't).

     

    People like Bruce Berkowitz, Einhorn and Gundlach put it all out there for a potential customer to see FIRST.

     

    But then again those guys walk the walk and don't just talk the talk.

     

    You also don't see those guys trying to snare clients by ripping top investors more famous than they are.

     

    Interesting.
    21 Dec 2013, 03:20 PM Reply Like
  • Regarded Solutions
    , contributor
    Comments (20537) | Send Message
     
    I do this to help folks...why are you here?.....never mind I already know.

     

    dismissed.
    21 Dec 2013, 04:38 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (10920) | Send Message
     
    I'm here to learn from humble and self-effacing investors and analysts with something to add.

     

    Have you learned from them since you've become a SA contributor?
    21 Dec 2013, 05:13 PM Reply Like
  • efactor
    , contributor
    Comments (630) | Send Message
     
    DX up 2.25% since taper announcement. Going higher?
    21 Dec 2013, 12:37 PM Reply Like
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