DoubleLine Capital’s Jeffrey Gundlach said it’s “frightening” to see major financial stocks trading at prices below their financial crisis levels.
The money manager cited Deutsche Bank AG and Credit Suisse Group AG as examples in a talk outlining bearish views at an investor conference in Beverly Hills, California, on Friday.
The manager of the $54.7 billion DoubleLine Total Return Bond Fund said the dollar is headed lower in 2016 and that he’s buying foreign currencies for the first time in five years.
DoubleLine Total Return’s performance ranks in the top 1 percent of peers for the past five years, according to data compiled by Bloomberg. It has gained 1.5 percent this year through Thursday, mostly by investing in mortgages while avoiding volatile corporate debt.