The Tell: This high-risk, low-return stock market has Bill Gross contemplating cats and sex

Kittens, sex and Victoria’s Secret: It isn’t a combination one would expect to find in a report on the state of capital markets from Bill Gross, but that is exactly what the bond guru served up in his monthly screed on Wednesday.

The fixed-income expert, who manages Janus Capital’s unconstrained bond fund, drew parallels between a childhood chat he had with his mother — and, later, with his child — about sex, the creation of life and the sorts of tough queries investors might be tackling in a world swimming in trillions of dollars of government bonds offering negative and ultralow yields.

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