The Emperor has no clothes. Neither does the money manager, for that matter, or even the Bond King himself, though only the latter seems to realise it.

In his latest investment outlook, Janus Capital's Bill Gross besmirches the fortunes earned in the market over the last 40 years, saying they were largely the product of a historic anomaly. That's certainly interesting, especially considering Gross himself was one of the ones making a fortune during that frame, but his most interesting point is this: the anomaly is over, not to be repeated.