<p><img src="https://static1.businessinsider.com/image/5fff1e63a8de7700187d39c0-2000/ap_979107294398.jpg" border="0" alt="jeffrey gundlach bond king" data-mce-source="AP Images / Richard Drew"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li aria-level="1"><strong>Jeffrey Gundlach said the US isn't out of the recession just yet, while breaking down his favorite asset classes for 2021 during his annual market outlook webcast Tuesday evening. </strong></li><li aria-level="1"><strong>On his asset class "like list": Asian stocks, emerging markets stocks, and US stocks. </strong></li><li aria-level="1"><strong>Gundlach also said that he doesn't "believe that we've left the recession yet" and this recession has been one of the most unusual ever, as many typical patterns like consumer debt rates have behaved differently than they typically would in a downturn. </strong></li><li aria-level="1"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell"><strong>Sign up here our daily newsletter, 10 Things Before the Opening Bell</strong></a><strong style="color: #222222;">.</strong></li></ul><hr><p>Jeffrey Gundlach said the US isn't out of the recession just yet and also broke down his favorite asset classes in 2021 during his annual market outlook webcast Tuesday evening. </p><p>The DoubleLine Capital founder told viewers Asian stocks are "extremely attractive" and high on his "like list." At the moment it appears that they are extremely disliked and he believes that's "unfounded." He also said he likes emerging-market and US stocks.</p><p>Gundlach also said that he doesn't "believe that we've left the recession yet" given the wild fluctuations in global GDP. He added that the US has seen "one of the most unusual recessions ever" and many typical patterns economists would expect in a downturn have behaved differently. </p><p>For example, he said typically in large economic downturns there are high levels of distress in credit cards, student loans, and other forms of debt. But in 2020, the US saw a "shrink" in distress, said Gundlach. He referenced a chart that tracks the delinquency rates on consumer loans, and the rate fell in 2020.</p><p><em><strong>Read more:</strong><a href="https://www.businessinsider.com/stock-picks-micro-caps-strategy-from-fund-manager-darren-chervitz-2021-1" data-analytics-position="1" data-analytics-module="">A former journalist who worked his way up to become one of Wall Street's best tiny-company stock pickers tells us the 4 pillars of the approach that's beating 98% of his competitors</a></em></p><p>Gundlach attributed this to the "miracle" of the US government handing out stimulus checks. People used it to pay off their credit cards, he said, which then attributed to the shrink in delinquency rates <br><br>"This is one of the most unusual recessions ever because of the most unusual responses ever," the investor said. </p><p>Gundlach forecasted that the US government will give an additional $2,000 stimulus to individuals, a hope among many investors especially after President-elect Biden demanded trillions of dollars in immediate new fiscal support last Friday. <br><br></p><p><img src="https://static6.businessinsider.com/image/5fff1e39a8de7700187d39bf-1591/Screen Shot 2021-01-13 at 11.20.44 AM.png" border="0" alt="Gundlach Credit Card Debt Rates" width="369" height="277" data-mce-source="DoubleLine"></p><p><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-jeffrey-gundlach-bond-king-asia-em-recession-2021-1-1029965546#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/candy-corn-ingredients-made-of-gelatin-lac-resin-halloween-sugar-syrup-2017-10">What candy corn is actually made of</a></p> Click here to read full news..