Bond-investing guru Jeffrey Gundlach says House Speaker Nancy Pelosi's official impeachment inquiry against President Donald Trump is really just a lot of noise.
Pelosi announced the probe over reports Trump sought foreign help to smear a political rival.
“This is more theatrics than anything else,” the CEO and chief investment officer of DoubleLine Capital, which has $140 billion in assets, told Fox Business Network in an exclusive interview.
“I don’t think it’s a real major market issue," he said. "When it comes to politics, the outcome of the 2020 election is far more important than what will be an unsuccessful and probably not even fully realized impeachment sort of action.
As for the 2020 White House race, Gundlach says the stock market would be selling off sharply if it were convinced that Elizabetg Warren was a plausible candidate.
“She keeps talking on and on and on about how corporations are going to pay, they’re going to pay, they’re going to pay for everything, so that sounds really bad for bottom-line earnings for large American corporations,” Gundlach said.
Gundlach says Warren is “definitely the flavor of the month,” but he doesn’t think she can win a general election. He points to her stance on Medicare-for-all and getting rid of private insurance, Fox Business Network reported.
Warren has repeatedly refused to answer questions about how she would pay for the program, leading to speculation she would raise taxes on the middle class, Fox Business Network explained.
“I don’t think you can go to 160 million Americans and say you’re going to get worse healthcare,” Gundlach said. “That the healthcare you have now is too good, and we need to take from you so that we can improve the lot of people that have inferior healthcare. I don’t think that’s a winning issue.”
DoubleLine Total Return, which invests mostly in mortgage-backed securities, returned about 5.4% this year through Sept. 17, better than 72% of its Bloomberg peers. Its five-year annual average return is 3.4%, better than 82% of rivals.
Meanwhile, the move by Democrats in the U.S. Congress on Tuesday to launch a formal impeachment inquiry into Trump has caused nervousness on Wall Street — but history suggests investors need not worry, Reuters reported.
While the uncertainty created by the move roiled the market, investors said the year-long U.S.-China trade war and damage it could do to the global economy remained the most pressing issues.
The removal of Trump, a Republican, from office appeared unlikely since it would require the Republican-controlled Senate to convict him in a trial by a two-thirds majority.
"It's not going to happen, where you have a Republican Senate convict a sitting Republican president," said BB&T Wealth Management Senior Vice President Bucky Hellwig, characterizing the 1998 impeachment of President Bill Clinton as a "nothing burger."
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