Given these vulnerabilities, Gundlach recommended investors allocate less to financial assets than typical, suggesting a maximum of 40% in equities (largely non-U.S.) and 25% in fixed income (favoring short-term Treasuries and non-dollar fixed income). He advocated for the remainder to be held in cash and real assets like gold. Gundlach reminded investors that market trends, even when correctly identified, take time to unfold, citing his own experience where being negative on packaged mortgages in 2004 took ...