Stocks are 'pretty overvalued' – and a recession is likely to hit in the next 9 months, says billionaire investor Jeffrey Gundlach

• Jeffrey Gundlach says stocks look expensive and he expects a recession in the first half of 2024.
• The billionaire investor noted stocks have grown less and less appealing relative to bonds.
• Government overspending could lead to an inflationary recession or "stagflation," Gundlach said.

Stocks are far too expensive and a recession will probably hit within the next nine months, Jeffrey Gundlach says.

"I think the market is pretty overvalued," the billionaire CEO of DoubleLine Capital said on a recent company webcast. "It's hard to love equities when the risk premium is the lowest in 17 years, by a lot."