Spanish and Italian bonds ended up offering some of the best returns in the fixed-income world last year. But DoubleLine Capital CIO Jeffrey Gundlach isn't buying it, calling the late-2012 downdraft in yields a sign of "investor complacency." Peripheral euro-zone countries are risky, he says, and even core countries like France "aren't all the safe" in the long-term. Yields will start heading higher, he warns, as soon as investors realize there's a need for further action to combat the region's debt crisis.
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