Billionaire money manager Bill Gross says he prefers to put his money where he can see it—in real asset investments like real estate or gold.

Gross—who ran PIMCO’s $270B total fund before 2014 and is worth $1.1B—says he avoids most stocks and bonds that trade at inflated prices, and he’s not alone. Money managers like TCW Groups’ Tad Rivelle and Oaktree Capital Group’s Howard Marks share his sentiments.

“I don’t like bonds. I don’t like most stocks. I don’t like private equity,” he tells Bloomberg. “Real assets such as land, gold, and tangible plant and equipment at a discount are favored asset categories.”

As the economy continues with sluggish growth, stocks are reaching record highs and bond yields have plummeted to historic lows. Gross' fund, the $1.5B Janus Global Unconstrained Bond Fund, realized 4% in returns this year, beating 69% of its peers in performance. [Bloomberg]