Bill Gross says buy bonds

Specifically short-duration and non-dollar bonds.

Now, bear in mind that he co-manages a $¾ trillion bond shop and always (always) talks his book. Which is to say, he always tells you to do whatever he just finished doing. But he also tells you why, and this month, that is actually pretty interesting. I recommend the whole piece — it is quite accessible — but if you insist on just the punchline, here is it (emphasis original):

Staying rich in this future world will require strategies that reflect this altered vision of global economic growth and delevered financial markets. Bond investors should therefore confine maturities to the front end of yield curves where continuing low yields and downside price protection is more probable. Holders of dollars should diversify their own baskets before central banks and sovereign wealth funds ultimately do the same. All investors should expect considerably lower rates of return than what they grew accustomed to only a few years ago.

The Bond Tangent provides some good commentary on the commentary.