Jeffrey Gundlach (chief investment officer of DoubleLine Capital) has outlined his investment strategy for 2026, emphasizing the importance of cash, gold, and commodities. He suggests maintaining 20% of a portfolio in cash and increasing the allocation to hard assets like commodities to 20%, up from his previous recommendation of 10-15%. Gundlach warns that the US Federal Reserve's potential interest rate hikes could negatively impact stocks, contrary to market hopes for rate cuts. He expressed skepticism about the likelihood of these cuts occurring this year, stating that investors relying on them are 'back on the wrong horse.' The ongoing Iran war has led to rising oil prices, raising inflation concerns and further complicating the economic outlook. Gundlach also highlighted the risk of US debt restructuring, where the government might replace higher-coupon Treasuries with lower-interest ones to manage its debt burden. He is proactively adjusting his portfolios to mitigate this risk, showcasing his cautious approach amid current market uncertainties.