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Bill Gross is a big deal in bonds -- with $747 billion under management in his PIMCO. Gross emailed me yesterday because he was a bit put off by some of my recent media comments about him. I responded to him by asking him some questions about PIMCO and the general market. He thinks that equities are history and people should buy bonds instead.
Gross is obviously talking his book but in my interview with him, he made a very interesting point. He suggested that since bonds and preferred stock are senior to common stocks in the liquidation hierarchy of a company, in a slow growth environment, there is no upside to stocks, only downside.
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