"There is no new Trump bull market in the offing," wrote Gross, who voted for neither Trump nor Clinton. "The Trumpian Fox has entered the Populist Henhouse, not so much by stealth but as a result of Middle America's misinterpretation of what will make America great again."

Gross argued that while lower taxes could result in increased spending in the economy, the higher budget deficits that are expected to result from the tax cuts will also push interest rates and prices higher, leading companies to pay more for their goods and investments. That in turn would cut into earnings and price-to-earnings ratios, while Trump's policies on immigration and free trade would limit the economy's growth. It's a one-two economic knockout, according to Gross.

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