Bill Gross is worried that "the developing credit cancer may be metastasized." The Pimco [profile] co-chief investment officer and star PM just released his monthly "Investment Outlook" column for June, and he's urging PMs and other Wall Street insiders to "lower return expectations" for "bond, equity and all financial assets."

Benzinga, Bloomberg, Business Insider, Reuters and the Wall Street Journal's "MarketBeat" blog all covered Gross' new column.

Gross warns of "reflationary potential" and predicts that his fellow "private bond market vigilantes" will "favor quality and 'clean dirty shirt' sovereigns" like Brazil, Mexico and the U.S. He also calls himself a "Newport Beach whale," referencing a 'Plankton Theory' he touted in one of his first investment outlook columns.

"The great white whale lies waiting on the horizon," Gross concluded. "Investors should sail carefully and the Wall Street 1% should put on their life vests if they expect to weather the inevitable storm that may threaten the first-class cabins they have come to enjoy." 

Edited by: Neil Anderson, Managing Editor


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