Bond king says: “Markets are a casino and this cannot end well”

Bill Gross, the Fund Manager for the Janus Capitol Fund and the so-called “King of all bonds” recently told his told his investors in a letter that:

“Central bankers (the Federal Reserve) have turned investing into a casino game with a bad ending about to happen….this cannot end well.”

Appearing on CNBC Gross says that institutions like the Federal Reserve, the European Central Bank and Bank of Japan, and their trillions of dollars in negative-yielding debt are presenting investors with some very unpleasant choices.

Watch below.

Gross compares today’s market to blackjack, writing that:

“central bankers cannot continue to double down bets without risking a ‘black swan moment’ in global financial markets.”

A “black swan event or moment” is defined by Investopedia as “an occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict. Black swan events are typically random and are unexpected.”

Gross told his shareholders that-

“At some point investors — tired and suspicious of receiving negative or near zero returns on their money, may leave the traditional markets, for higher returning or better yet, less risky alternatives.”

Gross says that low interest rates and massive stimulus efforts have failed to generate strong economic growth and are endangering investors.  Gross co-founded Pacific Investment Management (PIMCO). He ran PIMCO’s $270 billion dollar “Total Return Fund” and left PIMCO to join Janus in 2014.

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