Bill Gross: 'Expect Less’ From Fear-Addled Market

CNBC reports:

Pimco bond maven Bill Gross tempered his dour outlook for stocks, telling CNBC on Wednesday that equity bulls “should expect less” from a market bound to be undermined by slowing global growth that will lower returns.

Gross also qualified some of the criticism that drew a strong defense of stock market returns from finance professor Jeremy Siegel. Earlier this week, the fund manager caused a stir with his monthly outlook when he said stock market returns were all but built on a Ponzi scheme.

“I’m not dissing stocks, I’m simply suggesting that the double-digit returns investors grew used to over the past 20 or 30 years basically are a thing of the past,” Gross said. Still, “stocks will do better than bonds in the long, long-term,” he added.