New York
JEFFREY Gundlach sees too much of a good thing - in financial markets and in his industry - and he wants no part of it.
The co-founder and chief executive officer of DoubleLine Capital LP says risky assets such as junk bonds and emerging-market debt are overvalued. He's reducing those positions in DoubleLine funds and investing more in higher-quality credits with less sensitivity to rising interest rates, mindful that doing so may mean he gives up some performance for a while.
Mr Gundlach, 57, says he can't predict what event or development will trigger a change in investor sentiment. Like Howard Marks, the co-chairman of Oaktree Capital Group LLC, who last month warned that markets had...
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