The bull market “supercycle” for stocks and bonds is approaching an end, as the unconventional monetary policies that have bolstered asset prices since the financial crisis are running out, widely followed investor Bill Gross said on Monday.
The attempt by global central banks to cure a debt crisis with more debt doesn’t have much further to run, which will end a rally that’s lasted three and a half decades, Gross said in an investment outlook for Janus Capital Group Inc..
“Credit based oxygen is running out,” Gross wrote in the outlook titled, “A Sense of an Ending,” in which he compared the final stages of the financial market cycle with his own mortality.
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