Ability to Adapt to a New Epoch, Bill Gross

There is not a Bond King or a Stock King or an Investor Sovereign alive that can claim title to a throne. All of us, even the old guys like Buffett, Soros, Fuss, yeah – me too, have cut our teeth during perhaps a most advantageous period of time, the most attractive epoch, that an investor could experience. ...What if an epoch changes? What if perpetual credit expansion and its fertilization of asset prices and returns are substantially altered? What if zero-bound interest rates define the end of a total return epoch that began in the 1970s, accelerated in 1981 and has come to a mathematical dead-end for bonds in 2012/2013 and commonsensically for other conjoined asset classes as well? What if a future epoch favors lower than index carry or continual bouts of 2008 Lehmanesque volatility, or encompasses a period of global geopolitical confrontation with a quest for scarce and scarcer resources such as oil, water, or simply food as suggested by Jeremy Grantham? What if the effects of global "climate change or perhaps aging demographics," substantially alter the rather fertile petri dish of capitalistic expansion and endorsement? What if quantitative easing policies eventually collapse instead of elevate asset prices? What if there is a future that demands that an investor—a seemingly great investor—change course, or at least learn new tricks? Ah, now, that would be a test of greatness: the ability to adapt to a new epoch.

- Bill Gross (1944- )

Pimco's Bill Gross Looks at the Man in the Mirror (CNBC.com, 3 Apr 2013) http://www.cnbc.com/id/100612898

Finance, Bill Gross

Inflation and deflation in this levered world coexist nearly side-by-side.

- Bill Gross (1944- )

Pimco's Bill Gross Looks at the Man in the Mirror

Pimco's Bill Gross Looks at the Man in the Mirror

Published: Wednesday, 3 Apr 2013 | 10:08 AM ET
By: John Carney
Senior Editor, CNBC.com

When Bill Gross looks in the mirror, what does he see?

In his latest monthly "Investment Outlook" commentary, the Pimco chief waxes philosophical. He questions whether he and other legendary investors are really all they're cracked up to be. Maybe guys like Warren Buffett, George Soros, and Ray Dalio were just lucky guys in the right place at the right time.

http://www.cnbc.com/id/100612898

Fortune: Bill Gross says it's time for investors to plan a "Great Escape"

FORTUNE

Bill Gross says it's time for investors to plan a "Great Escape"
By Stephen Gandel, senior editor March 28, 2012: 5:00 AM ET

Bond king Bill Gross says it's time to get your portfolio ready for a long-period of lower market returns.

FORTUNE -- Apparently, Bill Gross picks movies as well as investments.

Bond investor Gross, who runs the world's largest mutual fund Pimco Total Return (PTTRX), is known for his quirky letters to investors. In the past he has dispensed love advice (specifically for Europe) and written about why he hates automatic flush toilets. His letter this month, which came out on Tuesday, instead offers movie advice. Gross' big screen pick is The Great Escape.

Family Feud (Bill Gross, PIMCO)

Family Feud
Bill Gross, PIMCO
2012.12.02

- Investors should recognize that Euroland’s problems are global and secular in nature; it will be years before Euroland and developed nations in total can constructively escape from their straitjacket of debt.

- Global growth will likely remain stunted, interest rates artificially low and investors continually disenchanted with returns that fail to match expectations.

- Investors should consider risk assets in emerging economies, such as Brazil and Asia, and bonds in the strongest developed economies, where the steep yield curve may offer opportunities for capital gains and potentially higher total returns.

Bloomberg: Bill Gross Rebounds From Bottom Ranking as Riskier Assets Surge

Bill Gross Rebounds From Bottom Ranking as Riskier Assets Surge
By Sree Vidya Bhaktavatsalam - 2011.11.03 09:01 PM

Bill Gross’s Pimco Total Return Bond Fund, which is having its worst run this year since at least 1995, regained its spot among top bond funds last month as investors returned to riskier assets.

Bloomberg: Pimco’s Gross Tells Clients 2011 a ‘Stinker’

Pimco’s Gross Tells Clients 2011 a ‘Stinker’
By Sree Vidya Bhaktavatsalam - 2011.10.15 05:01 AM

Bill Gross, manager of the world’s biggest mutual fund, sought to reassure clients that he hasn’t lost his touch after he misjudged the extent of the economic slowdown, causing his Pimco Total Return Fund to trail rivals this year.

School Daze Good Old Golden Rule Days

School Daze Good Old Golden Rule Days
Bill Gross, PIMCO
2011-07-01

- The past several decades have witnessed an erosion of our manufacturing base in exchange for a reliance on wealth creation via financial assets.
- Fiscal balance alone will not likely produce 20 million jobs over the next decade. Government must take a leading role in job creation.
- A growing number of skeptics wonder whether college is worth the time or the cost.

Bloomberg: Bill Gross Says Treasuries Have Little Value, Echoing Buffett

Related News: Insurance · Europe · U.S. · Bonds · Currencies · Funds
Bill Gross Says Treasuries Have Little Value, Echoing Buffett
By Wes Goodman - Mar 31, 2011 12:33 PM GMT+0900

Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said Treasuries “have little value” because of the growing U.S. debt burden.