Jeff Gundlach, the billionaire investor known as the “Bond King,” predicted in a RealVision interview published on Friday that stocks would crash in less than 18 months.
The DoubleLine Capital CEO also said the US dollar would dive in the long run, argued that tech stocks like Apple and Amazon were the only US equities worth owning, and questioned bitcoin, welfare, and Chipotle’s valuation.
Here are Gundlach’s 10 best quotes from the discussion.
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In a RealVision interview filmed on October 1 and released on Friday, the billionaire “Bond King” Jeff Gundlach said stocks would crash within 18 months, predicted that the US dollar would tumble in the long run, and
ZURICH, Oct 7 (Reuters) – Billionaire wealth reached record high levels amid the COVID-19 pandemic, a report by UBS and PwC found, as a rally in stock prices and gains in technology and healthcare helped the wealth of the world’s richest break the $10 trillion mark.
The report, covering over 2,000 billionaires representing some 98% of the cohort’s total wealth, found billionaire wealth grew by more than a quarter during the early months of the pandemic to reach $10.2 trillion in July, breaking the previous record of $8.9 trillion at the end of 2019.
The figure represents a five- to ten-fold rise over the past 25 years, the span covered by the UBS and PwC database, when billionaire wealth stood at just over $1 trillion.
Between April 7 and July 31 this year, billionaires across every industry covered by the study saw their wealth rise by double digits, with billionaires
(Bloomberg) — The coronavirus pandemic has created a new gaming giant, boosting the fortune of its two founding brothers.
Thanks to a rush of new gamers, Playrix has become the world’s largest mobile-game developer after Tencent Holdings Ltd., according to researcher AppAnnie. Its founders and sole owners, 38-year-old Igor and Dmitry Bukhman, 35, have more than doubled their wealth and are now worth $3.9 billion each, according to the Bloomberg Billionaires Index.
That didn’t happen by accident: At the height of the health crisis, as companies cut down on advertising, the mobile-game developer took advantage of lower ad prices to increase its marketing. Monthly users surged 50% to 180 million at the peak of the outbreak, and sales jumped about 60% to $1.75 billion in the first eight months of the year, the company said. The number of gamers has since stabilized at 150 million monthly.
Billionaires—especially those who leverage and buy out—unload pricey assets all the time. They sell during upturns, downturns, and global pandemics—the timing doesn’t really matter for those who operate in the financial stratosphere.
Only a few months ago, for example, Henry Kravis (of Barbarians at the Gate fame) sold a Colorado mansion he built in 1991 to Mike Bloomberg (of $900-million-failed-presidential-bid fame) for $45 million. No big deal. It barely made the real estate pages.
But recently, one of the country’s most feared dealmakers—Revlon majority stockholder and longtime occupant of the Forbes and Bloomberg billionaire ranking lists—Ronald O. Perelman, has been making news by selling assets. A lot of them. Rapidly.
Earlier this month, the New York Post reported Perelman was shopping his 57-acre East Hampton estate, the Creeks, for $180 million in a so-called “whisper sale.” (A spokesperson for