Bill Gross is one of Wall Street's most renowned bond investors. Nicknamed the "bond King," Gross co-founded global fixed-income investment company PIMCO. Suffice it to say he knows something about income investing.

Gross recently highlighted a high-income, high-upside opportunity in the mortgage bond market: Mortgage REITs. In particular, Gross pointed to Annaly Capital Management (NYSE: NLY) and AGNC Investment (NASDAQ: AGNC) as mortgage REITs that could deliver significant total returns in 2024.

In a post on Elon Musk's X (formerly Twitter), Gross didn't mince words when discussing the recent past of Annaly and AGNC. He noted: "Mtge REITs like NLY and AGNC have been terrible investments over the past 10 years."

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Source Fool.com