'Bond king' Bill Gross says investors should shun stocks and bonds. Here's what he's buying instead.

Pacific Investment Management Co. co-founder and erstwhile “bond king” Bill Gross no longer thinks bonds are an attractive investment. But at least they’re better than stocks.“I’d pass on stocks and bonds in terms of future total returns,” Gross said in his latest investment outlook, which was released Wednesday.

Capri is in the process of being bought by Tapestry Inc. TPR, -0.54%, which owns fashion brands including Coach. Crude oil prices have been sliding since U.S.-traded crude hit its highest level since November late last month. West Texas Intermediate crude futures for November delivery fell to their lowest level in a month on Wednesday.

“As the updated Goldman Sachs chart shown below might suggest, S&P 500 forward P/E multiples have for the last 5 years been correlated to real 10 year Treasury yields with the exception of the last 12 months or so,” Gross said.

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