Bill Gross: The Last 40 Years of Investing History Are a ‘Black Swan’ That Won’t Be Repeated

by Myles Udland
Business Insider

Bill Gross doesn’t think the future will look like the past.

In his latest investment outlook, published on Thursday morning, Gross wrote that he thinks the stellar returns experienced by both bond and stock investors over the last 40 years are an anomaly that will not be repeated.

Gross looks at two simple charts — the Barclays US Aggregate bond index and the S&P 500 — and says the steady upward march in bond prices and the rockier but still rewarding upward climb in stock prices can’t happen again.

Here’s Gross (emphasis added, charts his):

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