The smackdown between Bill Gross and Jeremy Siegel continues, this time with Twitter as the venue.
“Siegel food fight point is this: BOTH stocks & bonds will return much less than historically. Get used to it. Work hard for the money,” Gross (right), PIMCO’s co-CIO, tweeted Friday morning.
In related news, John Bogle, founder of Vanguard, told Bloomberg in a separate interview he agreed with Gross that investors should expect lower long-term returns than average returns produced over the last century. He said pension funds are unrealistic in targeting 8% returns.
“Pension funds are dreaming about a bubble that isn’t going to return,” he said. “On the other hand, buy-and-hold investing is never dead.”