The angry voters who helped catapult President-elect Donald Trump to victory in last week’s presidential election will bear the brunt of the economic fallout from his policies, says legendary bond investor Bill Gross.

Gross said he voted for neither Trump nor his vanquished Democratic rival, Hillary Clinton. In his latest missive to investors, published Wednesday, Gross said the electorate effectively put the fox in charge of the henhouse. Read the whole thing here.

The former head of Pimco and present manager of the global unconstrained bond fund at Janus Capital charges that the tenets of Trumpism—including tax cuts, a corporate tax holiday, and massive infrastructure spending—will continue to benefit elite investors at the expense of hard-pressed workers

His tenure will be a short four years but is likely to be a damaging one for jobless and low-wage American voters. They were the force for Trump’s flipping the Midwest into a Republican Electoral College victory. But while the Fox promised jobs and to make America great again, his policies of greater defense and infrastructure spending combined with lower corporate taxes to invigorate the private sector continue to favor capital versus labor, markets versus wages, and is a continuation of the status quo.

That said, he also doubts Clinton’s policies would’ve fared much better.

While Gross slammed Trump, another bond guru, DoubleLine Capital’s Jeffrey Gundlach, threw cold water on a blistering equity rally by reminding investors that Trump “does not have a magic wand” to improve the economy, according to a Reuters report.

Stocks were were weaker Wednesday, coming off four consecutive record closes for the Dow Jones Industrial Average DJIA, -1.92% and a rally that’s pushed the S&P 500 SPX, -2.37% toward its all-time high. Bonds have sold off sharply on expectations for rising inflation, stronger growth and larger budget deficits.

See:Trump-inspired bond selloff spells trouble for stocks

Gross criticized Trump’s plan for a repatriation holiday for corporate profits held overseas. Trump has argued that the trillions returned to the U.S. would be invested within its borders. Not so, says Gross, who points out there was no discernible pickup in investment after the last tax holiday, in 2004.

Read:Trump’s 15% corporate tax rate ‘certainly doable,’ says former top tax writer

Most of the $362 billion repatriated during the Bush-era tax holiday was spent on dividends, corporate bonuses and stock buybacks, Gross said.

Moreover, historically low interest rates in the U.S. afforded companies ample opportunity to cheaply boost investment, but few did; instead, U.S. corporations have spent more than $500 billion annually in recent years on buybacks to boost their earnings per share.

The fact that interest rates—even after their blistering rise over the past week—are so low raises the question: “Why would [corporations] need to repatriate anything for investment in the real economy?”

”Neither party as they now stand has bold policies beyond the reach of K Street lobbyists,” Gross said. Gross believes there are better alternatives to both parties’ platforms—including and FDR-style jobs program or a Kennedyesque AmeriCorps.

Because corporations focus on the bottom line instead of public welfare, “Government must step in, not by reducing taxes, which will only increase profits at the expense of labor, but by being the employer of last resort in hopefully a productive way.”

But if Trump fails to deliver on his campaign promises, neither the Democrats nor the Republicans are prepared to stem the tide of global populism, Gross says. Unless the political establishments adopts new, bold policies to help workers reclaim their lost share of U.S. GDP, “populists will reject establishment parties in almost every future election.”

If they fail to adapt, investors will face a grim reality. Tax cuts and increased spending lead to exploding deficits, tightening monetary conditions by driving up yields and inflation. This in turn will lead to lower earnings and P/E ratios—and thus, lower valuations.

Read:The decades-long bond bull market is done, says Bill Miller

“Be satisfied with 3-5% globally diversified returns,” Gross says. “The Wall Street, finance-led hegemon is fading. The populist sunrise has barely broken the horizon.”