President-elect Donald Trump will last no more than four years in the White House, a period when corporations and Wall Street will retain the upper hand over the struggling workers who helped elect him in a populist wave, bond manager Bill Gross of Janus Capital said on Wednesday.
In his monthly investment outlook, "Populism Takes a Wrong Turn," Gross also said "there is no new Trump bull market in the offing," and that global diversified investors should be "satisfied" with 3 percent to 5 percent annual returns.
"The Trumpian Fox has entered the Populist Henhouse, not so much by stealth but as a result of Middle America's misinterpretation of what will make America great again," Gross wrote.
"Trump's tenure will be a short four years but is likely to be a damaging one for jobless and low-wage American voters," Gross added. "I write in amazed, almost amused bewilderment at what American voters have done to themselves."
Gross told CNBC's "Power Lunch" on Wednesday that he doesn't believe Trump's policies will benefit American workers.
"Trump's proposals in terms of fiscal spending are focused on not only tax cuts, but corporate infrastructure and tax incentive corporate infrastructure plans, which aren't necessarily the best way to go — from my standpoint — in terms of injecting money into the system and putting people to work," he said.
In terms of the bond market, Gross said he would be a buyer of infrastructure bonds offered by the Trump administration. He referenced the Obama administration's "Build America" bonds that were reflective of the higher yield and not necessarily higher risk, helping "put infrastructure back into the centerfold."
"We'll have another round of "Build America" bonds and I would look forward to, at that time, given treasury rates to take advantage of it," he said.