DoubeLine Capital’s Jeff Gundlach said stock market in for a “bumpy ride” under Trump presidency. Added that while it has suddenly become en vogue to be a massive stock market bull, the market has to prove itself and it has not done that. Noted that Trump does not have a “magic wand”. Pointed out that rising mortgage rates and the time it takes to launch infrastructure programs could work to shift sentiment against Trump. Also said investors may be underestimating the depression of Hillary Clinton supporters. Argued that this could be a headwind on consumer spending. Gundlach recommended investors start looking to buy Treasuries on the dips, arguing that market is coming up to a short-term peak in 10-year yields. However, suggested avoiding corporate bonds given they look very overvalued and have very high interest risk (IG has been a big beneficiary of the duration and aggressiveness of the reach-for-yield theme). Also recommended avoiding “FANG” names, while named financials, materials and industrials as best sectors to invest.