Bond king Jeffrey Gundlach doesn’t like automakers, but he loves Uber and he loves not driving.
In a report on Thursday, Bloomberg’s Mary Childs gets to Gundlach’s fascination with Uber, and more broadly, just not driving after Gundlach himself stopped driving to work and started getting a ride instead.
Gundlach said his “eyes got opened up” to the changes in automobile use when a DoubleLine employee recently told him that he took an Uber trip to work because he “didn’t feel like driving.” Gundlach said he’s had his own driver since December, after one was arranged for him at an investment industry conference where he was speaking.
“I can’t believe I didn’t think of this sooner, because it’s so great,” the money manager said. He’s saving “days a week” by sifting through hundreds of emails before he even arrives at work, he said.
The bigger frame of Childs’ report is that Gundlach is not a fan of automakers, saying, “I hate the automakers — hate.”
Gundlach told Childs that cars are “wildly inefficient” because they are parked most of the day, and longer term Gundlach isn’t a fan of the automaker stocks, though they are attractive today because of their dividends.
Gundlach reached his epiphany on the car industry after changing his own driving habits, which involves not driving anymore.
This is not the first time Gundlach has talked about the auto industry, as Gundlach said back in the summer that Tesla is really a battery company, not a car company. In November, Gundlach said Tesla’s battery technology “could almost change society.”