PIMCO Chief: Wall Street Will Recover Only When Main Street Does

Bill Gross, the influential head of PIMCO Total Return -- the world's largest bond fund and a component of many client accounts -- wrote this month in his investment outlook that Wall Street isn't likely to recover until Main Street does.

"There are no double-digit investment returns anywhere in sight for owners of financial assets. Bonds, stocks and real estate are in fact overvalued because of  near zero percent interest rates and a developed world growth rate closer to 0 than the 3 to 4 percent historical norms," Gross wrote. "There is only a New Normal economy at best and a global recession at worst to look forward to in future years."

To read his entire outlook for this month, click here.