Bill Gross: Markets, Junk Bonds Pricing in ‘Too Much’ Hope, Growth

Influential bond investor Bill Gross on Thursday stepped up his warning to investors not to be tempted into buying equities, high-yield junk bonds and other asset classes, given the possibility that U.S. President Donald Trump might fail to enact policies that fuel economic growth.

“Equity markets are priced for too much hope, high-yield junk bond markets for too much growth, and all asset prices elevated to artificial levels that only a model-driven, historically-biased investor would believe could lead to returns resembling the past six years, or the decades predating Lehman,” Gross said in his latest Investment Outlook.

“High rates of growth, and the productivity that drives it, are likely distant memories from a bygone era.”

Gross, who runs the Janus Global Unconstrained Bond Fund, earlier this year said investors should not be allured by the “Trump mirage,” of 3-4 percent economic growth and the “magical benefits” of tax cuts combined

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