Speaking at the Bloomberg Invest summit in New York, Bill Gross (of the recently merged Janus Henderson) who may or may not have been talking his bond book, issued a loud warning to traders saying U.S. markets are at their highest risk levels since before the 2008 financial crisis “because investors are paying a high price for the chances they’re taking.” Well, either that, or simply ignoring the possibility of all ETFs having to sell at once.

“Instead of buying low and selling high, you’re buying high and crossing your fingers,” Gross said Wednesday quoted by Bloomberg.

The rest of Gross’ complaint is familiar to long-suffering traders who have to navigate centrally-planned markets for much of the past decade: he said that central bank policies for low-and negative-interest rates are “artificially driving up asset prices while creating little growth in the real economy and punishing individual savers, banks and insurance companies.”

In other news, Gross’s fund has returned 3.1% YTD according to Bloomberg, outperforming 22% of Bloomberg peers (and underperforming 1-X that number). It has posted a total return of 5.4% since Gross took over management in October 2014 after he was ousted from PIMCO, which while modest is better than 90% of macro funds.