If you're investing in bonds, Bill Gross just delivered you a serious warning.
Gross wrote in his February newsletter that the factors that contributed to last month's 1% loss for U.S. Treasuries - the biggest since March 2012 - aren't going away any time soon.
Total debt, which includes corporate, government and household, has expanded from $3 trillion in the 1970s to about $56 trillion today, explained Gross. He said that's left bond yields in the 1% - 2% range, instead of the historic level of 3% - 4%.
Gross said the staggering amount of debt in the United States has created a "credit supernova" that could crush the bond market as the global credit bubble "is running out of energy and time."
"Our credit-based financial markets and the economy it supports are levered, fragile and increasingly entropic," Gross wrote.
Gross warned that anyone investing in U.S. government bonds should evaluate their exposure.
And he isn't alone. Jim Rogers and Goldman Sachs have both been bearish on bonds.
"I'm short long-term government bonds," Rogers said Feb. 6 on Bloomberg Radio. "I plan to short more. That bull market, that's a bubble."
So what should bond investors who want yield do with their money?