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Jeffrey Gundlach (born October 30, 1959) is the founder of Doubleline Capital, an investment firm. He was formerly the head of the $9.3 billion TCW Total Return Bond Fund, where he finished in the top 2% of all funds invested in intermediate-term bonds for the 10 years that ended prior to his departure. He was fired by TCW in 2009. Barron's in a February 2011 cover story called him the "King of Bonds." He is a native of Amherst, New York and a graduate of Dartmouth College; he went to Yale University for a Ph.D. in theoretical mathematics before dropping out. Jeffrey Gundlach founded Doubleline along with Philip Barach and 14 other members of Gundlach's senior staff from TCW. He was formerly co-manager of the $12 Billion TCW Total Return bond fund along with Philip Barach. On March 9, 2011, Gundlach was quoted on CNBC that “Munis Are The New Subprime.” “You’ve got a history of low defaults, which is comforting. But that kind of sounds like what subprime sounded like back in 2006,” Gundlach said. Gundlach pointed out that even if defaults do not ultimately climb as high as critics like Meredith Whitney have warned, muni bonds will likely trade much lower. “Between here and the end game, lies the valley. And the valley is full of fear. I think the muni market is going to go down by at least, on the long end, something like 15 and 20 percent,” he said. Gundlach reportedly liquidated 55 percent of his personal holdings in municipal bonds on March 10, 2011. However, the decline he predicted did not occur: on March 10, 2011, the Bond Buyer Index closed at 106.151904, with this index closing at 119.886063 12/30/2011 the last day of 2011 or an improvement of +12.9%. The index closed at 129.99416 on 12/31/2012. At the time, Gundlach also stated: "Nobody owns California general obligation bonds because they think it's an improving credit story," he said, drawing chuckles from the audience. However, since March 2011, the ratings of California General Obligation bonds improved from A- to AA- by Standard and Poors and from A1 to Aa3 by Moody's. In 2012 he was included in the 50 Most Influential list of Bloomberg Markets Magazine.