Bill Gross says there’s so much bad news right now that he’s scared to wake up each day and find out what’s happening in financial markets and the world.

“Frankly I am frightened every morning to wake up at 5:30 PST and see what the day brings — markets and otherwise,” Gross wrote in an X post on Monday. “Be defensive.”

The billionaire investor is known as the “Bond King” because he cofounded the fixed-income titan PIMCO and grew its flagship Total Return Fund to $270 billion over nearly three decades.

Gross told Business Insider he’s concerned about the US economy slowing as “destructive” tariffs fuel inflation and worried that Ukraine’s war with Russia threatens to divide Western nations.

“As an investor these factors scare me at 5:30 and throughout the day,” Gross said in an email. “They present downside risks for high p/e stocks especially,” he added, referring to price-to-earnings ratio, a popular valuation metric.

Economists have pared their US growth forecasts in recent days, citing a combination of President Donald Trump’s new tariffs on imports from countries including Canada, Mexico, and China, and his administration’s effort to cut government spending, which is being led by Tesla CEO Elon Musk.

The Atlanta Fed’s GDPNow model forecasts an annualized 2.8% contraction this quarter — a dramatic swing from last week when it estimated 2.3% growth.