The investing guru's massive success will be difficult, if not impossible, for newcomers to repeat, he says.
Bill Gross' massive success will be difficult, if not impossible, for newcomers to repeat, given how much the investment landscape has changed, he says.
"These days ... certainly the returns that are available to investors, not only in the bond market, but in the stock market, are much more difficult. The doubling these days are miraculous, if at all," Gross told CNBC's " Power Lunch ."
Gross founded investment management giant Pimco in 1971, and ran it until 2014. As of March, Pimco had $1.5 trillion in assets under management.
Gross, once known as "The Bond King" for his success investing in the bonds market, said millennials starting off in finance should "reach for the stars, but to know that, in many cases, they're light years away, and that success in the finance business … is a much more difficult proposition now with interest rates near zero, as opposed to when they were 14 or 15 percent when I sort of got my sea legs."
"They have to be patient. It's possible to succeed in this business, but Horacio Alger stories of long ago are probably going to be difficult to repeat."
— CNBC's Brian Sullivan contributed to this report.