He added that negative interest rates "aren't leading to higher economic growth." He said world gross domestic product could be averaging around just 1 percent against the backdrop of aggressive global monetary policies.
Gundlach also noted the dramatic "drawdowns" from the highs in several stock markets. Germany is down 22 percent, Japan is down 23 percent, China is down 45 percent, the United Kingdom market is down 15 percent and France is down 20 percent.
"Negative rates do not prop up stock markets," Gundlach said on the webcast.
Gundlach's prescient investment calls have accelerated DoubleLine's rise and earned him a reputation as a savvy investor. DoubleLine's flagship DoubleLine Total Return Bond Fund, which invests mainly in mortgage-backed securities, has assets of $60.3 billion, making it one of the world's largest bond mutual funds.
"This summer is going to be a rocky ride," Gundlach said, summarizing his outlook.