CHICAGO - The Morningstar 2010 Investment Conference started with a thud Wednesday as hundreds of advisors and fund managers gathered to listen to the industry's best and brightest, only to be bombarded by pessimistic messages from fund managers such as Double Line Capital’s Jeffrey Gundlach.

He forecast radical policies out of Washington that would include higher taxes designed to lower the federal government’s astronomical debt. He warned that deflation and the $787 billion in debt overhang, which he called the “elephant in the kitchen,” will continue to impact investor for the next five years.

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