(Bloomberg) -- Bill Gross joined the growing ranks of money managers expressing concern that a decline in liquidity could exacerbate losses for fund investors during a market decline.

While legislation after the 2008 financial crisis has made banks safer, the risk has merely been transferred to investment funds that function as a “shadow banking system,” he wrote in an investment outlook for Janus. Investors should hold enough cash to avoid having to sell fund holdings during a panic.

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