×

Gundlach, who predicted Trump win, says president deserves ‘very little’ credit for stocks' record

  • DoubleLine Capital CEO Jeffrey Gundlach says President Trump is "getting virtually nothing done."
  • The so-called bond king was one of the few investors on Wall Street to accurately predict Trump's election victory.
  • Gundlach's firm has assets under management of more than $100 billion.

DoubleLine Capital CEO Jeffrey Gundlach says President Donald Trump deserves "very little" credit for the market being at record highs.

"The current president is getting virtually nothing done. He's very noisy about it. The nothing getting done is the consistent theme," Gundlach said Tuesday on CNBC's "Halftime Report."

"The market's been going up with nothing getting done. So I don't think the president's performance has much to do with where the stock market valuation is today."

The S&P 500 has rallied 16 percent through Monday since the Nov. 8 election. Both the Dow Jones industrial average and the S&P 500 index reached all-time highs Tuesday.

The bond manager noted how job additions of 200,000 per month "is nothing to write home about." He said decades ago the employment figures were much higher — and with a smaller population base.

"Job creation is still very weak by historical standards," he said.

Gundlach was one of the few investors on Wall Street to accurately predict Trump's election victory in 2016.

DoubleLine has assets under management of more than $100 billion, according to its website.