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Bond guru Gundlach calls for shorting homebuilders

Jeffrey Gundlach
Scott Eells | Bloomberg | Getty Images
Jeffrey Gundlach

Home ownership rates in the United States will likely fall to levels last seen in the 1980s as baby boomers retire and millenials continue to wait to form households, Jeffrey Gundlach, portfolio manager of the $32 billion DoubleLine Total Return fund, said Friday at the Bel Air Advisors Next Generation Conference in Los Angeles.

"I recommend that you short the homebuilder ETF," Gundlach told the conference of high-net worth individuals and their representatives. He didn't name a specific exchange traded fund.