NEW YORK ( TheStreet) -- DoubleLine Capital's Jeffrey Gundlach said he's "scared to death" to short Tesla Motors ( TSLA), citing investors' intense devotion to the stock. "I'm scared to death to short Tesla," Gundlach said. "It's a cultish stock and who knows where it goes?" Tesla shares were slightly lower in Thursday trading, off 0.31% to $165.93. The legendary investor also gave a slew of investment ideas, including Apple ( AAPL), mortgage REITS, and where he thinks the 10-year U.S. Treasury is headed. Gundlach said that he thinks Apple moves a little higher, but that it has problems around $530. "Apple is a dead money stock for quite a while to come, once it settles in around $530," the investor said in an interview on CNBC. TheStreet broke the news earlier this year that Gundlach and DoubleLine owned Apple in one of DoubleLine's equity portfolios. Gundlach had previously said that Apple would go to $500 "fairly easily", which it did earlier this month. He now believes the easy money on Apple has been made, and it will struggle around $530 for some time. Gundlach also touched on mortgage REITS, saying that some of them offer plenty of yield right now, and are trading at discounts to net asset values. "There is plenty of yield right now in the bond market, but it's not in Treasuries" Gundlach said. "I'm talking about closed-end funds, I'm talking about mortgage REITs. These are vehicles that are trading at 10% discounts to their net asset values, or for REITs versus their book value." He mentioned Annaly Capital Management ( NLY) as being attractive right now. Earlier this year, Gundlach had said that mortgage REITs would have difficulties advancing in price, but he'd buy Annaly if it fell to $12. Touching on the 10-year U.S. Treasury, Gundlach said he now thinks the yield on the bond could hit 3.1% sometime later this year, as the Federal Reserve starts to taper its quantitative easing program.
He also mentioned that he finds Russian equities attractive, saying the Russian stock market has been pretty immune to the emerging market selloff that's gone on in the past several weeks. Both Russia and China have been relatively immune to the selloff in emerging markets. Gundlach said he would not be looking at the Shanghai Composite, but once it starts moving, whether it's up or down, he believes that directional move will last for some time. Gundlach said that he's short emerging markets vs. Russian equities, but did not mention which short positions he has on because it's backfired for others when mentioning it on CNBC (see Ackman, Bill). He did touch on the subject of Ackman's short position, Herbalife ( HLF), and said that he'd "probably short it because of the chart," but that he wasn't short the name currently. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia