Jeffrey Gundlach, CEO of DoubleLine Capital, has evolved his investment style over the years, and although he is still the "bond king", increasingly he has become multi-asset with a focus on getting the macro right.

In this interview with Real Vision CEO Raoul Pal, Gundlach explains how he thinks about time frames, position sizing based on asset class, and how his style changes based on whether the market is alpha or beta driven.

He also provides his current outlook, arguing that there is not much opportunity in this environment and that the most important thing at the moment is managing risk while patiently waiting for the next big trade.

He also touches on timely topics like the potential for a wave of insolvency, why he believes we are in the midst of The Fourth Turning, his skeptical view of bitcoin, and why he is bullish on the dollar in the short term despite his highest conviction macro view being pronounced dollar weakness. Filmed on October 1, 2020.

TIMESTAMPS:

00:01:00 Becoming the Bond King
00:08:06 Early Mistakes and Emotional Memory
00:20:46 Investment Framework: Macro and Time Horizons
00:32:50 Investment Framework: Position Sizing and Risk Management
00:37:00 Investing When Opportunity is Scarce
00:42:54 Current Market Outlook and Views on Inflation
00:52:57 Downgrades, Default, and Insolvency
00:58:05 The Fed and the Fourth Turning
01:04:44 Bitcoin Skepticism
01:07:39 Waiting for the Next Big Trade

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