Money manager Bill Gross says investors should favor gold and real estate while avoiding most stocks and bonds trading at inflated prices.

“I don’t like bonds; I don’t like most stocks; I don’t like private equity,” Gross, who runs the $1.5 billion Janus Global Unconstrained Bond Fund, wrote in his monthly investment outlook Wednesday. “Real assets such as land, gold and tangible plant and equipment at a discount are favored asset categories.”