 On March 10, 2011, Gundlach reportedly liquidated 55 percent of his personal holdings in municipal bonds.However, the decline he predicted did not occur and on the same day as his liquidation, the Bond Buyer Index closed at 106.151904, with this index closing at 119.886063 on December 30, 2011, the last day of trading in 2011, equivalent to an improvement of +12.9%.The index closed at 129.99416 on December 31, 2012.