So bad that the best performing asset of the lot – S&P 500 stocks – was the worst “best” performer on record since 1937.
Jeffrey Gundlach, renowned bond guru and CEO of DoubleLine Funds, presented his findings in a conference call this afternoon that we attended.
In his research, Gundlach looked at what major asset class – stocks, bonds, cash or commodities – would have delivered the “best” returns on a year-by-year basis (see chart above from Gundlach’s presentation).
Usually, at least one asset category does well, but last year, all four asset classes performed poorly. So poorly, in fact, that the “best” results came from stocks, which lost money in price terms and only turned a meager profit when dividends were thrown into the mix.
That made 2015 the worst year since 1937 for investors, who found it almost impossible to break even.
“It was a hard time making money last year,” said Gundlach in the call.