Jeffrey Gundlach, CEO of DoubleLine Capital, closed the Sohn Investment Conference Monday. His investment advice: Bet on the changes in interest rates.

"The risk-reward has never been better," Gundlach said.

The Fed raised interest rates four times last year before stepping on the brakes in 2019. The central bank is now leaving rates alone, instead sticking with a wait-and-see approach.

Gundlach described the Federal Reserve's strategy as "policy fluidity." It could change direction with little or no notice.