On the outlook for bonds, however, Gross was decidedly less bullish. "While next Wednesday's announcement will carry our qualified endorsement, I must admit it may be similar to a turkey looking forward to a Thanksgiving Day celebration," he wrote. "Check writing in the trillions is not a bondholder's friend; it is in fact inflationary, and, if truth be told, somewhat of a Ponzi scheme," Gross wrote. Further quantitative easing would only temporarily raise prices giving the illusion of high returns, but ultimately prices will reach a dead-end as interest rates head to zero bound. "Having arrived at its destination, the market then offers near 0% returns and a picking of the creditor's pocket via inflation and negative real interest rates." Gross says Pimco will still be able to deliver returns to its investors by investing in emerging market debt with higher yields, non-dollar denominated debt, global corporate bonds or U.S. agency mortgages yielding 200 basis points over 1% treasuries. Still, investors -- both in stocks and bonds -- may have to adjust to a period of low returns. Both Gross and Pimco's Mohammad El-Elrian have been big proponents of the "new normal" concept -- a period of below-average economic growth and low returns across asset classes. -- Written by Shanthi Venkataraman in New York >To contact the writer of this article, click here: Shanthi Venkataraman. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.