Three Things to Know from Bill Gross' March Investment Outlook

Janus Capital's Bill Gross released his

this morning, warning investors to "beware negative consequences" from low interest rates worldwide. To do so, he said that investors should own high-quality bonds and low price-to-earnings, high-quality stocks to weather a market correction. Here are three other takeaways from the Bond King's investment outlook: 1. The financial system is "increasingly vulnerable" just six years after its collapse in 2009. Gross' most serious concern is that "low interest rates globally [will] destroy financial business models" that rely on normalized rates. Most at risk: pension funds and insurance companies. 2. The Federal Reserve is still on a path to raise interest rates beginning in June. Overseas, and particularly in Europe, countries could see negative rates for three or four years still. The universe of negative yielding notes and bonds in Euroland is now $2 trillion. 3. The world is in an "undeclared currency war" similar to the 1930s when countries were abandoning the gold standard to get out of the Great Depression. Now, as then, it will be a "first in, first out" policy.