“I recommend that you short the homebuilder ETF,” Jeffrey Gundlach told the Bel Air Advisors Next Generation Conference of high-net worth individuals and their representatives. Stagnant incomes, high levels of student loan debt and rising rents will combine to make it difficult for prospective home buyers to acquire enough cash for a down payment, Gundlach said. Gundlach, whose $32 billion Total Return fund has returned an annualized 6.1 percent over each of the last three years, has been increasing his positions in long-duration U.S.