GUNDLACH: 'I Would Sell Apple'

"I would sell it," he said.

Back in 2012, Gundlach was one of the few people who was bearish on the iPhone maker when the stock was trading near its all-time high of $700.

His concern has been that innovation evaporated when Steve Jobs passed away.

Gundlach mocked Apple's iPhone upgrade offerings, saying that they were more or less just new case colors like "tutty-fruity."

On a split-adjusted basis, Apple recently made a new all-time high, and on Tuesday is set to announce the latest version of its flagship iPhone device, as well as a new smartwatch.

Gundlach said the new products are likely priced-in to the stock, which is trading just below $100 right now, and Gundlach said shares currently look like they did back in 2012.

On Monday, BI's Jay Yarow noted that Apple shares typically fall on the day a new iPhone is announced, and then rally ahead of the device going on sale, before falling again.

In late morning trade on Tuesday, the stock was up about 0.8%.

BI will have complete coverage of Apple's latest announcement on SAI all day Tuesday.