FILE PHOTO: Jeffrey Gundlach, CEO of DoubleLine Capital, speaks during the Sohn Investment Conference in New York City, U.S., May 8, 2017. REUTERS/Brendan McDermid/File Photo
NEW YORK (Reuters) – Jeffrey Gundlach, chief executive of DoubleLine Capital, on Monday said the S&P 500 is headed to new lows and that U.S. equities are in a long-term bear market.
Gundlach, speaking on CNBC TV, said passive investing reached “mania status” and will exacerbate market problems.
Reporting by Trevor Hunnicutt and Jennifer Ablan; Editing by Dan Grebler