Gross: Wall Street is a food chain, Europe is a tumour

PIMCO's Bill Gross has told investors they will find it difficult to repeat the performance of the past 30 years, comparing Wall Street to a food chain and Europe to a "tumour".

In his latest monthly commentary, Gross, who manages the $250bn PIMCO Total Return fund, said the last few decades have been "a whale rather than plankton-dominated era based on excessive credit expansion". "When examining the well-known wealth distribution triangle of land/labour/capital, the Wall Street food chain segregates capital between the haves and have-nots," said Gross (pictured). "The Fed and its member banks are the metaphorical whales, and the small investors earning 0.01% on their money market funds are the plankton." Gross also noted similar comparisons can be drawn ...