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

Gundlach: Make money slowly, gradually & sleep at night

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 and the Nasdaq composite shed 3 percent and 4 percent, respectively,

Jeffrey Gundlach
Adam Jeffery | CNBC

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.