{"podcast":{"title":"The Julia La Roche Show","slug":"the-julia-la-roche-show-5842803","podcast_index_feed_id":5842803,"rss_url":"https://anchor.fm/s/41aa63c4/podcast/rss","website_url":"https://podcasters.spotify.com/pod/show/julia-la-roche","image_url":"https://d3t3ozftmdmh3i.cloudfront.net/production/podcast_uploaded_nologo/10916857/10916857-1660085096509-ec2c80bf0ad2a.jpg","author":"Julia La Roche","episode_count":395,"summary":"Julia La Roche brings her listeners in-depth conversations with some of the top CEOs, investors, founders, academics, and rising stars in business. Guests on \"The Julia La Roche Show\" have included Bill Ackman, Ray Dalio, Marc Benioff, Kyle Bass, Hugh Hendry, Nassim Taleb, Nouriel Roubini, David Friedberg, Anthony Scaramucci, Scott Galloway, Brent Johnson, Jim Rickards, Danielle DiMartino Booth, Carol Roth, Neil Howe, Jim Rogers, Jim Bianco, Josh Brown, and many more. Julia always makes the show about the guest, never the host. She speaks less and listens more. She always does her homework.","last_synced_at":"2026-07-24T00:18:02.386758+00:00","page_url":"https://stenobird.com/podcast/the-julia-la-roche-show-5842803"},"episode":{"title":"#352 Jeffrey Gundlach: Private Credit Is An Unmitigated Disaster, And It’s Only Going To Get Worse","slug":"352-jeffrey-gundlach-private-credit-is-an-unmitigated-disaster-and-it-s-only-going-to-get-worse","published_at":"2026-03-27T10:00:00+00:00","page_url":"https://stenobird.com/podcast/the-julia-la-roche-show-5842803/352-jeffrey-gundlach-private-credit-is-an-unmitigated-disaster-and-it-s-only-going-to-get-worse","show_page_url":"https://stenobird.com/podcast/the-julia-la-roche-show-5842803","url":"https://podcasters.spotify.com/pod/show/julia-la-roche/episodes/352-Jeffrey-Gundlach-Private-Credit-Is-An-Unmitigated-Disaster--And-Its-Only-Going-To-Get-Worse-e3h1k3k","audio_url":"https://traffic.megaphone.fm/APO4207723079.mp3","summary":"Legendary bond investor Jeffrey Gundlach, founder and CEO of DoubleLine Capital, makes his debut on The Julia La Roche Show for a wide-ranging conversation on the most pressing risks facing investors in 2026. Gundlach makes the case that we are living through a fundamental regime shift — one where the next recession brings rising long-term interest rates and a falling dollar, the exact opposite of what most investors expect. He breaks down why the private credit market is shaping up to be the defining financial stress of this cycle, drawing parallels to subprime in 2006 and revealing just how opaque and potentially dangerous the marks in that market really are. He also shares his current asset allocation, explains why American investors should have 100% of their equity exposure outside the US, and lays out two scenarios — dollar debasement or outright debt restructuring — for how America's unsustainable fiscal path eventually resolves. Plus: why he's avoiding general obligation munis in California, Illinois and New York, where gold goes from here, and his non-consensus prediction for the next presidential election. Links: Website: https://doubleline.com/ YouTube: https://www.youtube.com/@DoubleLineCapital X: https://x.com/truthgundlach Economist op-ed: https://www.economist.com/by-invitation/2024/12/13/americas-debt-cannot-keep-stacking-up-says-jeffrey-gundlach Timestamps: 0:00 Introduction — Jeffrey Gundlach on the debt burden and why something has to give 1:33 Big picture macro: secular shift from falling to rising interest rates 16:00 The case for 100% non-US stocks 17:30 Gundlach's current asset allocation: 40% non-US stocks, 25% fixed income, 15% commodities, rest in cash 22:00 Private credit: why it reminds him of subprime 2006 and why it’s “a total unmitigated d…","meta_description":"Legendary bond investor Jeffrey Gundlach, founder and CEO of DoubleLine Capital, makes his debut on The Julia La Roche Show for a wide-ranging conversatio…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3816,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/the-julia-la-roche-show-5842803/episodes/352-jeffrey-gundlach-private-credit-is-an-unmitigated-disaster-and-it-s-only-going-to-get-worse/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/the-julia-la-roche-show-5842803/352-jeffrey-gundlach-private-credit-is-an-unmitigated-disaster-and-it-s-only-going-to-get-worse.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}