It is not only hindsight that is 20/20. While other bond fund managers are explaining why they failed to see this year’s fall in interest rates, Jeffrey Gundlach, who did, is talking not about the past but about the future, and his next piece of foresight is focused on – believe it or not – 2020.

“A lot of things seem to be pointing to the year 2020 as an interesting timeframe,” he says, sipping cool lemonade in the Los Angeles heat. Mr Gundlach is the founder of Double- Line, which went from a standing start in 2009 to $50bn in assets, becoming the fastest start-up in the fund management industry.

When a bond market maven says “interesting”, be scared. What is good for fixed income is rarely good for the economy as a whole, and Mr Gundlach has a whole list of interesting: