You don't have to make 'speculative bets on Tesla all the time' — Jeff Gundlach tells everyone to calm down

Doubleline Capital CEO Jeffrey Gundlach had some sage investing advice Friday: Take it slow.

"You don't have to be out there making speculative bets on Tesla all time, it's OK to make money slowly," Gundlach told CNBC's "Power Lunch." "The markets take the stairs up and the elevator down. It's important not to be in the elevator."

Gundlach made his remarks amid a very volatile trading day, as financial markets across the globe were caught off-guard by the United Kingdom voting in favor of exiting the European Union.

The Dow Jones industrial average fell nearly 600 points, while the S&P 500 and the Nasdaq composite shed 3 percent and 4 percent, respectively,

Jeffrey Gundlach
Adam Jeffery | CNBC
Jeffrey Gundlach

Treasurys surged, with the benchmark 10-year Treasury notes rallied to yield 1.5668 percent Friday. It closed the previous trading session at 1.74 percent

Gold and gold-related assets also gained, with the SPDR Gold Trust popping more than 4 percent.