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December 08, 2023 at 02:52 PM
Centers of long-standing power and influence are “falling tremendously out of favor,” likely leading to significant changes in the years ahead, DoubleLine Capital CEO Jeffrey Gundlach said in a webcast this week, citing a recent Gallup poll that asked people about their faith in 16 institutions like the police, the military, the Supreme Court and the presidency.
“The great majority are plumbing all-time lows. The Supreme Court is at an all-time low. The presidency is at an all-time low. Congress is one point above its all-time low. And so these norms are being rejected,” Gundlach said.
“One of the norms that we’ve been living on is debt — an economic scheme that’s based upon debt. And now people are realizing that [this spending] can’t continue,” he said. “This debt-based scheme will change, and the way … that we are operating and not paying for things is going to change.”
The executive said he’s “very excited because on the other side, we’re going to have that first turning where everything falls into place again. But now we have this next five years before, maybe five to seven years before we get to that better place.”
Changing societal norms have implications for markets and the economy, the billionaire investor said, touching on several changes he expects in the near term and over time. See the gallery for 13 market and economic predictions from Gundlach and Andrew Hsu, DoubleLine portfolio manager.
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