Sat Jul 30, 2016 | 9:47 AM EDT
By Jennifer Ablan | NEW YORK
(Reuters) - Jeffrey Gundlach, the chief executive of DoubleLine Capital, said on Friday that many asset classes look frothy and his firm continues to hold gold, a traditional safe-haven, along with gold miner stocks.
Noting the recent run-up in the benchmark Standard & Poor's 500 index while economic growth remains weak and corporate earnings are stagnant, Gundlach said stock investors have entered a “world of uber complacency.”
The S&P 500 on Friday touched an all-time high of 2,177.09, while the government reported that U.S. gross domestic product in the second quarter grew at a meager 1.2 percent rate.
“The artist Christopher Wool has a word painting, 'Sell the house, sell the car, sell the kids.' That’s exactly how I feel – sell everything. Nothing here looks good,” Gundlach said in a telephone interview. "The stock markets should be down massively but investors seem to have been hypnotized that nothing can go wrong."
Gundlach, who oversees more than $100 billion at Los Angeles-based DoubleLine, said the firm went "maximum negative" on Treasuries on July 6 when the yield on the benchmark 10-year Treasury note hit 1.32 percent.
"We never short in our mainline strategies. We also never go to zero Treasuries. We went to lower weightings and change the duration," Gundlach said.
Currently, the yield on the 10-year Treasury note is 1.45 percent, which has translated into some profits so far for DoubleLine.
"The yield on the 10-year yield may reverse and go lower again but I am not interested. You don't make any money. The risk-reward is horrific," Gundlach said. "There is no upside" in Treasury prices.
Gundlach reiterated that gold and gold miners are the best alternative to Treasuries and predicted gold prices will reach $1,400. U.S. gold on Friday settled up at $1,349 per ounce.
Gundlach lambasted Federal Reserve officials yet again for talking up rate hikes for this year while the latest GDP data showed disappointing economic growth. "The Fed is out to lunch. Does the Fed look at what's going on in the economy? It is unbelievable," he said.
Overall, Gundlach said the Bank of Japan's decision on Friday to stick with its minus 0.1 percent benchmark rate - and refrain from deeper cuts - reflects the limitations of monetary policy. "You can't save your economy by destroying your financial system," he said.
(Reporting By Jennifer Ablan; Editing by Marguerita Choy and Leslie Adler)
【on.cc東網專訊】 據外媒，有「新債王」之稱的DoubleLine Capital行政總裁岡拉克(Jeffrey Gundlach)表示，很多資產已呈現泡沫化迹象，故公司已轉為持有最傳統的避險天堂──黃金，以及金礦相關股票，預測金價將高見每安士1,400美 元。
岡拉克指，標指一直創新高，但經濟增長依然疲弱，且企業盈利幾乎停滯，揶揄股票投資者已經進入了「超級自滿的世界。」
事實上，標指周五盤中最高見2,177點，再創歷史新高，惟當日最新數據卻顯示美國第二季GDP僅增1.2%，遠遜預期的2.5%增幅。
岡拉克引用Christopher Wool的經典字畫，"Sell the house, sell the car, sell the kids."（賣屋，賣車，賣孩子。），指這完全反映他的想法，就是要盡沽所有投資！他認為股市應該大跌，但很多投資者卻已被催眠了，以為一切安好。
對於公司的投資策略，岡拉克指，當10年期美國國債收益率於本月6日跌至1.32%的時候，公司開始將該些國債盡情地沽出，同時大量降低國債的投資佔比，以及轉持其他年期的國債。目前，10年期美國國債收益率已回升至1.45%水平，反映公司帳面上已有獲利。
他認為，雖然國債收益率有可能再次回落，但已沒有興趣理會它，因其根本賺不到錢，而且風險回報十分可怕，認為美國國債價格再無上漲空間。
岡拉克重申，黃金及金礦相關股票將是美國國債的最佳替代品，並預測金價將高見每安士1,400美元。
不過，黃金期貨於周五收市已見每安士1,357美元，即使升至1,400美元，潛在升幅也僅約3.1%。
另外，對於聯儲局官員仍預計美國今年可以加息，岡拉克認為，他們根本無視了令人失望的美國經濟數據。
談及日本央行未如預期般擴大刺激政策，他指這反映了目前日本貨幣政策的局限性，指央行「不能破壞自己的金融體系來拯救經濟。」
