Jeffrey Gundlach's Just Markets: Clue

The webcast "Clue" analyzes the U.S. economic landscape, likening it to a game of Clue where the "perpetrator" is the American political system and its deficit-based economy. Jeffrey Gundlach reviews market performance in 2025, noting strong returns in non-dollar-denominated stocks, European and UK equities, and emerging market sovereign bonds. He points out the overvaluation of most risk asset classes, except for CMBS, which he favors. Gundlach expresses concern over the rising U.S. debt-to-GDP ratio and its impact on long-term Treasury yields, advocating for a steepener strategy in the Treasury market. He also highlights the circular financing scheme involving federal spending, state distribution, and fraudulent groups, contributing to the rise of gold as investors lose confidence in central banks. Gundlach recommends avoiding private credit due to its deteriorating opportunities and potential risks.