DoubleLine Income Solutions (DSL) took its biannual trip to the bargain bin a few weeks ago. It was a short stay, as usual. By mid-April, vanilla investors had worked themselves into a hysterical state. They somehow convinced themselves that the Federal Reserve was going to continue raising rates. Let me repeat—they worried that, in an election year , the Fed was going to keep on hiking. Unlikely. Even Bloomberg lamented that traders saw “no relief in sight for bonds.” A hopeless howl that piqued our contrarian interest. No doubt, relief was just around the corner. Indeed it was in the form of Chairman Jay Powell and his soothing postgame pillow talk.… Read more