(Bloomberg) -- Bill Gross says investors should move to protect their money in 2016 rather than reach for higher returns as central bank efforts to stimulate the global economy set the stage for markets to ultimately fall.

Gross, the former manager of the world’s largest bond fund who joined Janus Capital Group last year, said central bankers have been doing the equivalent of printing money and acting like gamblers who keep doubling bets to recoup losses.

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