GUNDLACH: Chipotle shares are 'remarkably overvalued'

Jeffrey GundlachBusiness InsiderJeffrey Gundlach

DoubleLine’s Jeff Gundlach, mostly known for his expertise in the bond market, is short Chipotle.

In an interview with CNBC at the Delivering Alpha conference, Gundlach revealed that he is short shares of the fast-casual Mexican restaurant chain.

Gundlach called the shares “remarkably overvalued.”

He added, however, that he might take off the short.

Which shouldn’t come as a total surprise: since Gundlach first mentioned the short call — or a bet that the price of Chipotle shares will fall — in April 2013, the stock has basically doubled.

Of course, Gundlach may have adjusted his position along the way and didn’t necessarily lose money the entire time.

But for basically anyone betting that Chipotle shares would meaningfully give up their seemingly unstoppable gain, it has been a tough few years.

As for what else Gundlach said during the conference on Wednesday, he told the audience not to expect the Fed to raise interest rates in 2015.

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