"Of course there is" a bubble in the bond market, PIMCO's founder and co-CIO tells The Daily Ticker. "[But] I don't think rates are going to go much higher...the Fed is blowing lots of air -- some say hot -- and constantly inflating the bubble." ... For all the investors who've rushed into bond funds in recent years, Gross has the following advice for 2013: "Be leery and recognize [that] yields in the investment grade market -- mortgages, Treasurys and corporates -- only yield 1.7%. It's difficult to squeeze much juice from an orange that yields 1.7%."

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