Quotes: Bill Gross
Quotes 1 till 15 of 23.
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Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP.
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Accountants, machinists, medical technicians, even software writers that write the software for 'machines' are being displaced without upscaled replacement jobs. Retrain, rehire into higher paying and value-added jobs? That may be the political myth of the modern era. There aren't enough of those jobs.
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Americans now know that housing prices can go down and they can go down by 10, 20, 30, and in some cases, 40 or 50 percent. We know they can go down. But five years ago, we thought they could only go up.
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Bernanke and company are trying to reflate the economy with almost stated objective of inflation at 2 percent and higher in order to provide some type of safety margin for a future recession. That's where they want to go.
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Bond investors want growth much like equity investors, and to the extent that too much austerity leads to recession or stagnation then credit spreads widen out - even if a country can print its own currency and write its own cheques.
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Both from the standpoint of stocks and bonds, an investor wants to go where the growth is.
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Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.
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Ex-Fidelity mutual fund manager Peter Lynch was certainly brilliant in one respect: he knew to get out when the gettin' was good.
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Favouring employment versus the financial markets is a decent policy; certainly not beneficial for the currency or the gilt market, but beneficial for the people.
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Human nature means that institutions at some point lose their sense of mission. That sense of vulnerability drives Pimco.
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If financial assets no longer work for you at a rate far and above the rate of true wealth creation, then you must work longer for your money.
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Imperceptibly, the developed world's manufacturing base was gradually eroding and being replaced by securitized finance that destroyed itself and nearly its economies in 2008.
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In questioning initially whether I am a great investor, I open the door to question whether other similarly esteemed public icons like Bill Miller are as well. It seems, perhaps, that the longer and longer you keep at it in this business the more and more time you have to expose your Achilles heel - wherever and whatever that might be.
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In terms of economic growth, PIMCO originated the famous phrase the 'new normal.'
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It's going to be difficult to stimulate the real economy in the U.S. at a faster rate than 2 percent and perhaps even less if we have that fiscal cliff in December or January 2013.
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