The first quarter of 2026 was defined by a sharp increase in geopolitical risk and evolving concerns around structural shifts in technology. Military actions involving the United States in Venezuela and Iran, including a large-scale operation launched with Israel on February 28, injected significant uncertainty into global markets. The resulting disruption to energy flows through the Strait of Hormuz drove West Texas Intermediate crude oil prices more than 50% higher during the quarter, raising concerns that elevated energy and input costs could place renewed upward pressure on inflation. At the same time, rapid advancements in artificial intelligence contributed to a reassessment of software sector fundamentals, catalyzing risk aversion across technology and private credit markets.
Mr. Gundlach is CEO of DoubleLine. In 2011, he appeared on the cover of Barron's as "The New Bond King." In 2013, Institutional Investor named him "Money Manager of the Year." In 2012, 2015 and 2016, he was named one of "The Fifty Most Influential" in Bloomberg Markets. In 2017, he was inducted into the FIASI Fixed Income Hall of Fame. Mr. Gundlach is a summa cum laude graduate of Dartmouth College, with degrees in Mathematics and Philosophy.
