If all you know about Jeffrey Gundlach are certain peccadillos and prurient interests, you’d be at risk of getting the guy all wrong. He’s a bond manager, after all, and bond managers—quirks aside—are usually pretty conservative guys. And so it is with Gundlach, who sat down with Barron’s to explain it all, like:

• As a pretty conservative guy, he wasn’t expecting Brexit, but it doesn’t really affect him at all except:
• He’s now extra-double sure Janet Yellen will not do what he would not do, which is raise interest rates;
• And he’s now extra-triple sure that there’s going to be some extra gilding in the Oval Office come January;
• And that won’t really be all that bad because whatever terrible damage Donald Reagan does Making America Great Again will be at least partially offset by the amount of money it costs to build 2,000-mile walls and hire enough storm troopers to deport 11 million people.
• Also: Nobody should care that stocks are hitting record highs, or that his portfolio is boring right now, unless you don’t like making money.

Our portfolios are high-quality bonds, gold, and some cash. People say, “What kind of portfolio is that?” I say it’s one that is outperforming everybody else’s. I mean, bonds are up more than 5%, gold is up substantially this year [28%], and gold miners have had over a 100% gain. This is a year when it hasn’t been that tough to earn 10% with a portfolio. Most people think this is a dead-money portfolio. They’ve got it wrong. The dead-money portfolio is the S&P 500.

Jeffrey Gundlach on Stocks, Trump, and Gold [Barron’s]