'Bond king' Jeffrey Gundlach on recession risks, the stock market that's a long-term buy, and how often investing pros need to be right to survive

All of a sudden, M2 was off the charts. Historically, M2 goes negative and you get a recession on a year-over-year basis. And that didn't happen because there was so much money that was sloshing around with that $7 trillion.

People wanted to build out their home office for their Zoom calls or work from home. People wanted to build a barbecue deck so they could have some enjoyment at their house because you can't go to a restaurant. And that fueled a lot of durable spending.

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