“Bull markets” -- that is, times when stocks are rising or expected to rise -- “are about cooperation,” Jeffrey Gundlach, chief executive of downtown Los Angeles money manager DoubleLine, said Friday. “That’s what makes societies thrive. If we don’t cooperate at all, we’re all out there in the woods with a spear chasing a squirrel.”
The landmark “Brexit” vote, he said, is evidence we’re living in an increasingly uncooperative world. That’s why he said he’s betting on gold, short-term bonds and other assets seen as safe havens.