Billionaire Jeff Gundlach told fellow wealthy investors late Tuesday that Sen. Bernie Sanders is the “odds-on favorite” to win the 2020 Democratic presidential nomination—and warned the senator’s potential general election victory could pose a serious threat to Wall Street profits.

“Bernie is stronger than people think,” Gundlach, who correctly predicted Donald Trump’s defeat of Hillary Clinton in the 2016 presidential election, said during his annual “Just Markets” webcast.

“Bernie is stronger than people think.”
—Jeff Gundlach, DoubleLine Capital

Gundlach, CEO of investment firm DoubleLine Capital,  said Sanders’ possible win over Trump in November represents the “biggest risk” to financial markets.

“I think it’s Bernie Sanders becoming more believed in as a real force, and we have to start taking him more seriously,” Gundlach said. “If people get more worried about Bernie Sanders and they start to price in his spending programs, then you could really start to see trouble in both [long-term Treasury] bonds and stocks, which could really be on a rough ride.”

Asked by CNN reporter Ryan Nobles  about Gundlach’s assessment of the 2020 race, Sanders’ communications director Mike Casca offered a snappy response: “A stopped Rolex is right twice a day.”

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