(Bloomberg) -- Bill Gross offered some advice to investors as Treasuries and equities slumped Thursday after some worrisome US economic data: “Stick to value stocks, avoid tech for now.”

If investors must dabble in technology companies they should buy Microsoft Corp., the erstwhile bond king wrote in a post on social-media platform X, in which he also quoted Don McLean’s 1971 hit song “American Pie.” 

The suggestions come as tech companies in the S&P 500 Index are on pace for their worst month since September, sliding more than 6.5% in April to drag major benchmarks lower. In contrast, the Vanguard Value ETF — which includes Berkshire Hathaway Inc. and General Motors Co. — has slipped roughly 3.5% over the same stretch.

In the post, which started “The day the music died,” Gross called out that the yield on benchmark 10-year Treasuries was “moving to 4.75%,” not far above Thursday’s peak of about 4.74%, the highest level this year. 

“Why own bonds?” the post reads, noting that Treasury bills yield 5.25%. Gross is the co-founder and former chief investment officer of Pacific Investment Management Co. 

Gross said that one of his favorite trades —- pipeline master limited partnerships — have momentum, but investors shouldn’t “overweight too much.” 

MLPs trade on exchanges, focus on natural resources like oil and gas and offer higher yields and tax advantages. The investor said he owns Western Midstream Partners LP and MPLX LP, and highlighted their lofty dividends.

The S&P 500 slid as much as 1.6% Thursday after a report showed US economic growth slowed last quarter while inflation jumped, and following underwhelming results from Meta Platforms Inc. Traders also pared expectations for the timing of a Federal Reserve interest-rate reduction, now fully pricing in the first cut in December. 

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