Sell Bank of America. Sell it today. And sell it at the market open.This was the message from Jeff Gundlach last night when he gave his presentation titled “The Decline and Fall of the Roman Empire.“
Gundlach, the legendary bond fund manager of DoubleLine Capital, acknowledged that some of the best performing asset classes since the beginning of the year were also some of the worst performing ones of 2011. But he also made it clear that he wasn’t about to jump on the risk bandwagon.
“This is a bad time to be deploying money into risk assets,” warned Gundlach during his presentation.
During the Q&A of the webcast, a caller asked how he felt about financial sector stocks and Bank of America in particular. It was at this time Gundlach said very emphatically that holders of Bank of America stock should sell as soon as possible. And he very clearly said he would sell right as the stock markets opened today.