Bill Gross, the billionaire bond investor, shared his views on the election and markets in an interview on CNBC's "Power Lunch."
The interview came after his scathing commentary published Wednesday morning, which said the Donald Trump presidency will only last four years and ultimately damage the low-wage workers who voted for him.
On Trump's economic agenda, Gross says in the interview:
"Trump represents the change, but in many cases in terms of his stated policies, the change is not labor friendly, it's capital friendly. ... Ultimately there has to be, if populism is to be validated ... there has to be selection [of] policies [that favor] Main Street as opposed to Wall Street."
On the effectiveness of overseas earnings repatriation tax breaks: "Prior holidays, tax holidays, as in 2004, during the Bush administration led to little investment in the real economy. Three hundred fifty billion dollars of repatriation [then, led to] share buybacks and CEO bonuses etc. ... I don't think corporations are hurting. I think they got a lot of cash flow," he said.
Gross is the portfolio manager of Janus Global Unconstrained Bond and Total Return strategies. Previously, he co-founded and was chief investment officer of Pimco.
He also discussed:
- Global populism
- Why the Trump market rally likely won't last
- Bond yields going forward
- Infrastructure bonds
To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.
