Fox Business (via DoubleLine Capital), Released on 11/20/25

Jeffrey Gundlach, founder and CEO of DoubleLine Capital, joins Fox Business host Charles Payne on Making Money to deliver a stark warning on the state of the markets and the economy. Gundlach explains why he believes almost all financial assets are overvalued, calling out serious cracks forming in the private credit and corporate bond markets. He discusses widening spreads, illiquidity risks and opaque valuations that echo the pre-2008 period, comparing the current cycle to a “Wild West” of unregulated lending. The discussion dives into debt sustainability, credit stress and what investors should expect as volatility rises heading into 2026. Gundlach then turns to the bigger picture—America’s surging $40 trillion national debt, the Fed’s rate-cut dilemma, and why long-term Treasury yields may keep rising despite easing policy. He warns of an approaching inflection point where interest expense and issuance collide, potentially forcing policymakers into radical solutions such as yield-curve control. Gundlach also shares his latest market outlook for 2025 – 2026, including thoughts on the AI-driven stock rally, inflation, and the best defensive portfolio mix: 20% cash, 40% stocks (favoring emerging markets), 25% bonds, and 10–15% real assets like gold.

Jeffrey Gundlach is the Chief Executive Officer and Chief Investment Officer of DoubleLine Capital. He is recognized as an expert in bond and fixed income investments. His investment strategies have been featured in leading publications from around the world In 2013, he was named “Money Manager of the Year” by Institutional Investor. He is a graduate of Dartmouth College summa cum laude holding a BA in Mathematics and Philosophy. He attended Yale University as a PhD candidate in Mathematics.

  gold, investing, Jeffrey Gundlach, market crash, markets, stocks