Bill Gross is often called the bond king. Crowned during the 10-year boom in bonds that began in the early 1990s, he is the biggest, best-known, probably best-performing and, at $40m (£21.7m) a year, certainly best-paid bond manager in the world.

Intellectually bold and unafraid of risk, Mr Gross, whose official title is chief investment officer of Pimco, does not hedge his views. This week, his remarks to the Financial Times that the global economy was the most unstable it had been for 25 years and could be derailed by high debt caused concern in financial circles.