Bill Gross said the bull market “supercycle” for stocks and bonds is approaching its end, as the unconventional monetary policies that have kept it alive since the financial crisis are running out. The attempt by global central banks to cure a debt crisis with more debt doesn’t have much further to run, which will end a rally that’s lasted three and a half decades, the 71-year-old manager wrote in an investment outlook for Janus Capital Group Inc.

Investors should stop focusing on price appreciation and instead look to “mildly levered income,” such as his recommendation to short German government debt, he said. “Credit-based oxygen is running out,” Gross wrote in the outlook, titled “A Sense of an Ending,” in which he compared the final stages of the market cycle with his own mortality. “I merely have a sense of an ending, a secular bull market ending with a whimper, not a bang.” MORE