Bond guru Bill Gross says stocks have far outrun the economy and are thus overvalued.

He compared the market over the past 12 months to a choice between historical comedians Will Rogers and Barney Fife.

Fife, of course, was the hapless deputy on the 1960s comedy "The Andy Griffith Show." And Gross opted for him.

“We've got a Barney Fife market,” he told CNBC.

“I’m not sure what Barney would say about the market, but you can imagine some sort of goofy, speculative market running far too high.

“We’re conservative. We think the market. . . is due for a pullback or setback, only because it's gone so far and economic growth cannot go so far."

Gross said the bond market has overdone it too.

“The bond market itself — the same thing in terms of high yield bonds, corporate bonds,” he said.

“The high yield market is up 50 percent, as well as stocks. So we’re due for some consolidation at least.”

Gross recommends investors opt “out of risk assets back into relatively risk-free assets. That doesn't necessarily mean Treasuries, but other high-quality type triple-A and double-A securities," such as corporate and municipal bonds.

Fellow economist David Rosenberg agrees with Gross on stocks.

“The market is being really fueled here by technicals and momentum,” the former chief North American economist for Merrill Lynch told Bloomberg.

“It’s overshot the fundamentals. I’m a little nervous, at least over the near-term.”