Billionaire bond manager Jeffrey Gundlach says the S&P 500 will be down at the end of this year, and doubts the long-term value of bitcoin. This according to a recent Bloomberg article.

During his annual “Just Markets” webcast earlier this month, the chief investment officer of DoubleLine Capital argued, “All recession indicators are flashing no recession, which means it’s priced in. This is why I say S&P 500 [will end] down after a pretty decent run early in 2018.” Regarding bitcoin, Gundlach asserted, “People think it is safe. I have the feeling it is just the opposite.” According to Gundlach, commodities could be one of the year’s best bets.

The article outlined several accurate predictions Gundlach made a year ago:

• 10-year Treasuries would “almost for sure” approach 3 percent, signaling the end of the decades-long bull market (the article noted that Treasuries “peaked” at 2.6 percent in March of last year and were above 2.5 percent earlier this month).
• The Fed would raise rates two or three times in 2017. The article reports that the Fed has, in fact, lifted rated three times.
• Investors should diversify their equity holdings beyond he U. S. to countries such as India and Japan. “In dollar terms,” the article reports, “Japan’s Topix returned 27percent and India’s NSE Nifty 50 Index surged 39 percent, compared with a 22 percent gain for the S&P 500.”