A glum Bill Gross sees both himself and the bull market facing the same long road to oblivion.
In his monthly letter to investors, the bond guru at Janus Capital Markets compared the 6-year-old bull to a 71-year-old man like himself, extending the dark analogy to the fate of the terminally ill protagonist of Mitch Albom's "Tuesdays with Morrie": The future is a "downward sloping glide path filled with cancer, stroke, and associated surgeries which make life less bearable than it was a day, a month, a decade before."
The roaring market will run out of steam "with a whimper, not a bang," Gross predicted. Central bank stimulus isn't having the same effect anymore, and anemic global growth and weak corporate earnings will put a lid on asset price appreciation.
"A rational investor must indeed have a sense of an ending, not another Lehman crash, but a crush of perpetual bull market enthusiasm," he wrote. (Tweet this)