Bill Gross To Central Banks: "Get Global Growth Moving Now, Or Else"

Bill Gross is out with his latest investment outlook and it's quite the entertaining read.

Why, Gross wants to know, would anyone invest in safe haven assets (like bunds) that yield less than zero, thus locking in a guaranteed loss at maturity? The answer: investors aren't familiar enough with ancient Greece.

Read below for the details and for more on why central bankers had better get global growth and trade moving - "or else."

From "Zeno's Paradox," by Bill Gross

I once wrote that a good “bond manager” should metaphorically be composed of 1/3 mathematician, 1/3 economist and 1/3 horse trader. I still stand by that, although I would extend it now to the entire investment arena, especially after experiencing several years of “unconstrained” asset management. Surprisingly though, upon reflection, I find that personally I was never really an “A+ student” at any of the 3 but good enough at each to provide consistent long term alpha and above average profits for clients. In math, for instance, I was a 720 SAT guy but certainly nowhere near 800 status. In economics, I never got beyond Samuelson and an introductory MBA class at UCLA Anderson, but was self-educated enough to have forecast and ridden the secular bond bull market beginning in 1981, and fortunate enough – though “addled” – to have predicted the housing crisis, as well as named and described the “New Normal” that would follow. Horse trader? Well that’s an even more subjective assessment but I can remember being a rather mediocre fraternity poker player. You could usually bluff me out of a big pot, and these days in the market I find myself turning right sometimes when I should be going left. Whatever. B+, A-, B is how I would grade myself but the returns and the relative alpha compared to contemporaries proved to be the real scorecard, and I’m happy with the result, acknowledging of course that some in the “classroom” I worked and work with at PIMCO and Janus earned Summa Cum Laude status and more themselves.

http://www.zerohedge.com/news/2016-03-30/gross-central-banks-get-global-growth-moving-now-or-else

Bill Gross To Central Banks: "Get Global Growth Moving Now, Or Else"

Bill Gross To Central Banks: "Get Global Growth Moving Now, Or Else"

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