For investors, the near-term ramifications likely will be more gains in the stock market. But the picture down the road isn't as simple.
"There's no doubt that many aspects of Trump's agenda are good for stocks and bad for bonds near-term — tax cuts, deregulation, fiscal stimulus, etc.," Gross, who runs the $1.7 billion Janus Global Unconstrained Bond fund, said in a letter to clients. "But longer term, investors must consider the negatives of Trump's anti-globalization ideas which may restrict trade and negatively affect corporate profits."
Indeed, equities have rallied since the election, with the S&P 500 registering about a 5 percent price gain.
But Gross has been critical of the man who will be the country's 45th president, saying Trump's policies will be "damaging" to the working class. He also predicted Trump will serve only one term.