He made prescient calls on German bunds and Chinese equities. In an October interview, he urged investors to move to cash while predicting U.S. stocks would fall 10 percent within six to 12 months as corporate profits weaken. The Standard & Poor’s 500 Index gained 4.7 percent from Oct. 5, when Bloomberg reported his comments.

‘Gradually De-Risk’

Gross has wagered in his fund that sovereign debt from countries including Mexico and Brazil, as well as corporate bonds, would outperform, using derivatives to make bets that haven’t paid off yet. Last month, it was disclosed that billionaire George Soros’s investment firm pulled $490 million from a separately managed account that followed the same strategy as the Janus unconstrained fund.

In today’s commentary, Gross said he can’t say when markets will fall, only that it’s inevitable.

“The faster and faster central bankers press the monetary button, the greater and greater the relative risk of owning financial assets,” he wrote.

“I would gradually de-risk portfolios as we move into 2016,” Gross wrote. “Less credit risk, reduced equity exposure, placing more emphasis on the return of your money than a double digit return on your money.”

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