Doubleline Capital’s Jeff Gundlach raised a few eyebrows last night when he tweeted seemingly out of nowhere that his appearances on CNBC were now a “thing of the past” and that he would be taking his revered market commentary to Fox Business in the future.
So sad that appearances on CNBC are now a thing of the past. It was great while it lasted. Blame it on Cramer. We’ll be on Fox Business.
— Jeffrey Gundlach (@TruthGundlach) December 21, 2018
This was unquestionably bad news for CNBC. For anybody who doubts just how much influence Gundlach – the reigning ‘bond king’ whose DoubleLine Capital is one of the biggest fixed income firms in the world with more than $150 billion in AUM – has on markets, just look at how markets reacted to Gundlach’s CNBC interview from Monday, when Gundlach dropped a series of “truth bombs” (including declaring that we’re in a “long term bear market for stocks”) that promptly sent US stocks spiraling deeper into the red.
Given CNBC’s categorically bullish outlook on all assets from stocks, to bonds to bitcoin, it’s hardly surprising that Gundlach’s take didn’t sit well with “Mad Money” host Jim Cramer, who mocked Gundlach for his accurate calls on stocks and bonds, saying during a morning appearance on CNBC yesterday that Gundlach should “stick to bonds.”
Gundlach didn’t take too kindly to that, and unsurprisingly given his history (since taking to twitter) of trashing Cramer, apparently, this mocking at the hands of the Cramer was the straw that broke the camel’s back.
Fast forward roughly twelve hours, Cramer called in to the “Halftime Report” with Scott Wapner to deliver an effusive, apropos of nothing, on-air apology, all but begging Gundlach to give CNBC another chance.
Cramer apologizing like crazy to Gundlach on CNBC — “No disrespect” “I feel badly” “I made some mistakes” “I reached out to him directly” @TruthGundlach
— Daisy Maxey (@DaisyMaxey) December 21, 2018
That Cramer, a former hedge fund manager of middling repute, would have the gall to criticize Gundlach (who is in charge of $150 billion) seemed to many like an affront, and like the CNBC host was out of his depth. This prompted some humorous commentary on twitter.
BOW TO GUNDLACH, JIM CRAMER
BOW TO THE $150B IN AUM
BOW TO THE KNOWLEDGE
BOW TO THE PURPLE CORDUROY SUIT pic.twitter.com/eX8sQ74fsr
— Quoth the Raven (@QTRResearch) December 21, 2018
Given that Cramer’s apology sounded more contrived than genuine, we can’t help but wonder: Did the network bigs at CNBC give him the tap on the shoulder? In any event, we now wait to hear from Gundlach about whether he has accepted Cramer’s apology, or if Cramer and his big mouth just lost the network one of its most valued guests.