Bill Gross Calls It: 2015 Is Going to Be Terrible
Bill Gross, co-chief investment officer of Pacific Investment Management Co.
Photographer: Scott Eells(Corrects Pacific Investment Capital Management Co.'s full name in the third paragraph.)
Bill Gross, bond king, ousted executive, self-styled poet of the markets, has a bold, depressing prediction for 2015, and he's not couching it in any of his usual metaphor: “The good times are over,” he wrote in his January investment outlook note. By the end of 2015, he goes on, “there will be minus signs in front of returns for many asset classes.”
Gross is putting himself way out on a limb: Not one of Wall Street’s professional forecasters predict the S&P 500 will drop in 2015. Their average estimate calls for an 8.1 percent rise. And while the global economy looks weak, the U.S. has been heating up, with GDP up 5 percent in the third quarter.