DoubleLine Capital CEO Jeffrey Gundlach took a shot at passive investment strategies such as index funds on Monday, declaring the investing strategy a "mania" that is causing widespread problems in global stock markets.
"I'm not at all a fan of passive investing. In fact, I think passive investing ... has reached mania status as we went into the peak of the global stock market," Gundlach said, speaking with CNBC's Scott Wapner in Los Angeles.
"I think in fact that passive investing and robo advisers ... are going to exacerbate problems in the market because it's hurting behavior," Gundlach added.
Gundlach's DoubleLine actively manages clients money and has more than $120 billion in assets under management, according to the firm's website.
The investor made correct predictions for 2018, including a drop in stocks on rising yields and declines in Facebook and bitcoin.
This is a developing story. Check back for updates.
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