Bill Gross, the manager of the biggest bond fund in the world, has advised investors to reduce their expectations. "Instead of 8% to 10% in terms of return for risk assets, you should expect 4 to 6%," he recently told CNBC. Gross says the 30-year bull market in bonds is fading. In an interview with Bloomberg News, he said "excess borrowing in nations including the U.S., U.K. and Japan will eventually lead to inflation as governments sell record amounts of debt to finance surging deficits." Gross looked at the recently passed health care reform bill with a critical eye in his most recent market commentary. "The trend promises to get worse, not better. The imminent passage of health care reform represents a continuing litany of entitlement legislation that will add, not subtract, to future deficits and unfunded liabilities." -- Reported by Theresa McCabe in Boston.