Bill Gross is literally laughing at the stock market
In a tweet on Tuesday morning, Janus Capital's Bill Gross said, "Stock market refrain from a few months ago: "Where else are you gonna put your money?" LOL ... Ever considered cash?"
Put another way, Gross is laughing at people that invested in the stock market because there was nothing else to invest in.
For folks who've been reading Gross' investment updates over the last year or so, they likely know that Gross would prefer holding cash to being invested in the stock market - or almost anything else.
Early in September, Gross' monthly missive basically said that everything sucks right now.
Gross wrote:
Global fiscal (and monetary) policy is not now constructive nor growth enhancing, nor is it likely to be. If that be the case, then equity market capital gains and future returns are likely to be limited if not downward sloping. High quality global bond markets offer little reward relative to durational risk. Private equity and hedge related returns cannot long prosper if global growth remains anemic. Cash or better yet "near cash" such as 1-2 year corporate bonds are my best idea of appropriate risks/reward investments. The reward is not much, but as Will Rogers once said during the Great Depression - "I'm not so much concerned about the return on my money as the return of my money."
Early Tuesday, stocks were falling after getting crushed on Monday.