Live from DoubleLine Capital | The Close 5/7/2026

Watch on YouTube ↗  |  May 07, 2026 at 22:20  |  1:34:48  |  Bloomberg Markets
Speakers

Summary

A special edition of Bloomberg's The Close from DoubleLine Capital in Los Angeles features multiple portfolio managers discussing macro shifts, fixed-income opportunities, and risks. Key themes include a structural preference for EM local debt over developed markets, agency MBS as a diversifier, gold and commodities as hedges, and a stark warning on private credit resembling 2007. The video also covers U.S. fiscal challenges, Fed credibility, and specific positioning ideas from CEO Jeffrey Gundlach.

  • Bill Campbell sees a structural shift favoring EM local debt as developed markets lose safe-haven status.
  • Ken Shinoda recommends agency MBS for low correlation to tech and attractive carry.
  • Jeffrey Sherman is bullish on gold, citing upside potential from dollar weakness and central bank buying.
  • Jeffrey Gundlach warns that private credit is in a 2007-like crisis and advises avoiding it.
  • Gundlach hedges against potential U.S. debt restructuring by owning low-coupon long-term Treasuries.
  • Gundlach advocates a 20% commodities allocation via the Bloomberg Commodity Index.
  • Multiple speakers express caution on long-end U.S. Treasuries due to fiscal and inflation risks.
  • The video also covers AI credit, private equity, and geopolitical impacts on markets.
Trade Ideas
William Campbell Advisory Lead, Gold Dollar (USDKG) 15:47
Long EM local debt and currencies.
A structural shift is underway: developed markets are losing safe-haven status due to fiscal deterioration, while emerging markets have improved their fiscal profiles. The dollar is in a structural downtrend. The best way to play this is through emerging market local debt (EMFX or EM local rates), which offers high yields and potential currency appreciation.
EM local currency bonds HIGH
Ken Shinoda Portfolio Manager, Doubleline Capital 23:53
Long agency MBS for diversification.
Agency mortgages are an attractive investment because they have low correlation to tech/AI stocks and offer a decent yield. Corporate credit is becoming more correlated with equities, whereas mortgages provide diversification. Floating-rate securities are particularly interesting.
Agency MBS MED
Jeffrey Sherman Deputy Chief Investment Officer at DoubleLine Capital 48:45
Gold has meaningful upside ahead.
Gold has meaningful upside potential in the current environment of dollar weakness, central bank buying, and geopolitical uncertainty. He sees continued support for gold prices for the rest of the administration.
GLD MED
Jeffrey Gundlach Founder & CEO, DoubleLine Capital 68:34
Avoid private credit like 2007.
Private credit is reminiscent of 2007 subprime. There are widespread markdowns (e.g., from 100 to 81) and a lack of transparency. Redemption requests will likely rise in June. He advises against buying private credit, as a crisis of trust is unfolding.
Private credit / BDCs HIGH
Jeffrey Gundlach Founder & CEO, DoubleLine Capital 91:14
Buy low-coupon long Treasuries as hedge.
To hedge against a potential U.S. debt restructuring or yield curve control, he has swapped Treasury holdings into the lowest-coupon off-the-run securities in each maturity cohort. This reduces risk and actually picks up yield. It is a low-cost insurance trade.
Low-coupon long-term U.S. Treasuries MED
Jeffrey Gundlach Founder & CEO, DoubleLine Capital 93:31
Long commodities as real asset hedge.
He likes a 20% allocation to commodities as a real asset hedge. The Bloomberg Commodity Index is performing well, supported by oil and food prices, and provides broad diversification.
DBC HIGH
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This Bloomberg Markets video, published May 07, 2026, features William Campbell, Ken Shinoda, Jeffrey Sherman, Jeffrey Gundlach discussing EM local currency bonds, Agency MBS, GLD, Private credit / BDCs, Low-coupon long-term U.S. Treasuries, DBC. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: William Campbell, Ken Shinoda, Jeffrey Sherman, Jeffrey Gundlach  · Tickers: EM local currency bonds, Agency MBS, GLD, Private credit / BDCs, Low-coupon long-term U.S. Treasuries, DBC