The CEO of the investment firm DoubleLine is worried about the development of corporate debt. But also the levels of government debt and the US equity markets are not sustainable. According to Gundlach, investors have to brace for significant disruptions.

Mr. Gundlach, what would you recommend to investors?

They need to position themselves for the next global downturn because it will lead to substantial changes in the markets.

When will the downturn come?

It doesn't matter whether it comes in one year or four. If you don't start preparing now, you will maybe do better while the economy continues to do okay, but whatever gain you get from that will be overwhelmed by problems with your investments in the downturn.