Jeffrey Gundlach, CEO of DoubleLine Capital, and Felix Zulauf, CEO of Zulauf Consulting, share their outlooks for global markets, the likelihood of a global recession in 2023 and separation of the world into competing blocs pitting the U.S. and China-Russia against each other. (For more information on Zulauf Consulting, please visit www.felixzulauf.com.) The conversation was moderated Dec. 12, 2022, by DoubleLine Portfolio Manager Samuel Garza. Mr. Garza starts the dialogue (0:59) by asking Messrs. Gundlach and Zulauf for their most significant takeaways from 2022. Then they turn to inflation (9:50), which both expect to decline in 2023 and could well overshoot on the downside.
The discussion takes up the world’s shifting geopolitics (15:32). Mr. Gundlach expresses concern about the increasing belligerence from Washington with respect to its proxy war against Russia and, the U.S.’ massive deficits notwithstanding, pledges to defend Taiwan or at least supply it with weapon systems. Mr. Zulauf notes (17:19) that Saudi Arabia, a longtime U.S. ally, has shifted to align closely with China.
Mr. Gundlach notes (20:43) notes that in the U.S., the federal government is running a very large deficit “with unemployment at a low level. Usually, when you have this kind of deficit, it’s in respons…
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