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JIS capitals Bill gross in his latest note describes the election outcome as quote the trumpian fox has entered the populist Hen House his tenure will be a short four years but is likely to be a damaging one for jobless and low-wage American voters post election more than a trillion dollars has been slashed from Global bond prices so let's bring in Bill gross the fund manager of the Janice unconstrained Global bond fund joining us live now um Bill listen we love contrarian views Donald Trump promised that he would be great for the jobs Market he would be great for the economy he would fix it and you're saying absolutely not why uh promises promises uh first of all Liz as you know I'm a registered Republican not a Bernie Sanders Democrat so let's get that out there right away and I watch Fox and Fox Business more than CNN so um I pretend to be neutral here in terms of analyzing uh policy but uh with Trump's policies and let's talk about taxes and lower corporate taxes um supposedly promise a 3 to 4% GDP economy as opposed to a one and a half to 2% Obama economy but I I I question that um for instance the the effectiveness of lower corporate taxes and our repatriation tax holiday the two trillion that's overseas that might come back that is hard to assess but um you know in Prior holidays as in 2004 which was during the Bush Administration had led to very little investment pickup up in the real economy but it led to 350 billion of share BuyBacks and CEO bonuses etc etc um and I think the to the point of the corporate taxes the proposed 10 or 15% tax rate on corporations is unnecessary I mean yes we have a 35% marginal tax rate but really an effective 24 23% tax rate and that's amongst the lowest in the world thinking that this many companies don't pay uh that high rate however when you look at an infrastructure plan look President Obama put forth an $830 billion plan and it didn't do much to stimulate a lot of people said it should have been more and that some of it wasn't working toward what were shovel ready jobs what if Donald Trump who is a real estate guy and has built a lot of buildings tweaks it so that it does go to those jobs which would reinvigorate the jobs market and the low-wage workers that you're speaking about okay good point and the administration that future Trump Administration uh day by day here but this morning they proposed uh an infrastructure bank which is what they opposed uh during the uh election and what Hillary Clinton had proposed so let's take uh the Trump proposal at its word and say 250 to 500 billion goes into infrastructure from an infrastructure Bank uh I plot it uh that would be a great idea up until this point Trump's infrastructure proposals have been rather privately oriented on tax credits and tax breaks uh but an infrastructure Bank could um add a half a percent or 1% over the next few years it's a good idea okay well well let's let's hope that he's focusing on on that part of it but I do have to push back a little bit bill because any any smart investor would ask this question you are heavy on bonds the bond market has experienced quite a route since the election uh bonds tend to be sort of that safe haven play people don't feel that that it's riskof at the moment they feel confident uh now with Donald Trump soon at the helm um are you talking your book well I you know my expertise has been known to be in the bond market I run an unconstrained fund Liz as you know and it it wasn't heavy on bonds it wasn't heavy on uh what they call long duration or long maturities and it's it's done really well in the last week or two obviously a surprise for most of us in terms of the Trump election but the you know the key has been in the last week not to be in bonds as you mentioned they're up by 30 or 40 bases points on the tenure and the the key has been to being risk assets especially equities so um Janice UNC constrain can move back and forth and in bonds is not its main focus or even its uh singular Focus let me ask you then with the pile of cash that you do have where in a trump Administration are you ready to put some of that money to work well I again I question the 3 to 4% uh growth rate that perhaps the stock market is is expecting or perhaps the stock market is generating yes I I do believe that reducing corporate taxes would increase corporate earnings uh by 5 to 10% so that's a good thing where would I put my money now uh based on the rally of the last week or two I I continue to favor rather safe um well Advanced Arbitrage situations for for instance Microsoft is buying LinkedIn um and over the next few weeks I expect merger to be completed and to produce a return of six to 7% on an annualized basis so those types of things oh the Bell yeah the Bell hey we're so glad you're with us on the bell and we thank Bill gross and now I hand it over
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