Zitat des Tages von Bill Gross:
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.
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.
Human nature means that institutions at some point lose their sense of mission. That sense of vulnerability drives Pimco.
My clients don't pay me to feel sorry; they pay me to bring them money. I am tough, but I have a soft side.
Bonds as an asset class will always be needed, and not just by insurance companies and pension funds but by aging boomers.
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.
When does money run out of time? The countdown begins when investable assets pose too much risk for too little return; when lenders desert credit markets for other alternatives such as cash or real assets.
What the Obama administration's policies have really been oriented towards have always been towards providing benefits continuing consumption. What this country needs really is a policy which stresses investments.
The U.K. and almost all of Europe have erred in terms of believing that austerity, fiscal austerity in the short term, is the way to produce real growth. It is not. You've got to spend money.
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.
I am tough but I have a soft side.
Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.
I am obsessed with delivering value to investors and winning the game from a personal standpoint.
Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.
Whenever I read the newspaper, I say to myself, 'At least my wife loves me.'
You know those adages about smelling the roses and chasing butterflies? The markets are my butterflies and my roses.
Ex-Fidelity mutual fund manager Peter Lynch was certainly brilliant in one respect: he knew to get out when the gettin' was good.
