Jeffrey Gundlach (@TruthGundlach)
@TruthGundlach
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It is said noone “rings a bell” at risk market tops, but there are declarations of “new asset classes involving ‘financial innovation’ abetted by questionable ratings” to watch out for.
Anything seems possible these days in the Wild West of private markets. Maybe Fitch will become a captive subsidiary of a captive offshore reinsurance company owned by a domestic insurance company owned by a private credit company owned by a private equity company. Leveraged.
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Gundlach’s law of financial physics:
The frequency of losses times the severity of losses equals a constant.
Implication: do not invest in artificially “low volatility” strategies.
