Bill Gross says negative interest rates are nothing but liabilities

``"Capitalism, almost commonsensically, cannot function well at the zero bound or with a minus sign as a yield," wrote Gross, who manages the Janus Global Unconstrained Bond Fund, up just over 4% year to date. "$11 trillion of negative yielding bonds are not assets -- they are liabilities. Factor that, Ms. Yellen, into your asset price objective."''