The most dangerous market condition is when fundamentals are deteriorating but momentum continues, exemplified by September 1999 when Jeff turned maximally negative on the Nasdaq, which then rallied 80% into year-end before collapsing to a 80% loss from peak.
factualpending
Speaker
Jeff GundlachEvidence Quote
“I I sort of famously made a fool of myself sort of in uh September 30th of 1999, I turned maximum negative on the Nasdaq, and it went up something like 80% in the fourth quarter. But, actually, I wasn't a total idiot because 18 months later from September of 1999, you you were down to about 20. You You so you went from 100 to a 180 to something like 20.”
Created: 8/12/2026, 6:25:56 PM
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