Bill Gross of Janus Global Unconstrained Bond Fund spoke with CNBC and highlighted the risks to financial market returns when bond yields are at or below zero saying “Yields are negative. So instead of capital gains you produce capital losses. Example, a German 5 year piece of paper has a zero percent coupon so we know there is no interest income but it trades at 101.5. In five years it will be worth 100 and so a capital loss will be locked in … when bonds can’t produce capital gains its gonna be very hard for other risk assets to do so as well.”