Jeff Gundlach just gave this exclusive presentation to a room full of investors at the New York Yacht Club

Jeff Gundlach just spoke to investors at the New York Yacht Club and gave the following presentation, called "Summer Insects," a theme inspired by Chinese philosopher Chuang Zhu.

Chuang Zhu's quote Gundlach used as a jumping off point was, "You cannot discuss ice with a summer insect."

Gundlach said this applies to the high-yield bond, market because for the entire time that the asset class has existed, it "has not experienced a secular rise in interest rates."

The message from Gundlach here is that in the 30 or so years that junk bonds have existed, there has never been a long, extended rise in interest rates.

Gundlach spent much of his presentation talking not as much about what is imminent for high yield bonds, but about what could be coming for these assets over the next several years.

Thanks to DoubleLine Funds for letting us featuring this presentation.