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Investment Outlook
Bill Gross, Pimco

　

2010.10.25

William H. Gross  |  November 2010

Investment Outlook

Run Turkey, Run

  • The Fed’s announcement of a renewed commitment to Quantitative Easing has been well telegraphed and the market’s reaction is likely to be subdued.
  • We are in a “liquidity trap,” where interest rates or trillions in asset purchases may not stimulate borrowing or lending because consumer demand is just not there.
  • The Fed’s announcement will likely signify the end of a great 30-year bull market in bonds and the necessity for bond managers and, yes, equity managers to adjust to a new environment.

They say a country gets the politicians it deserves or perhaps it deserves the politicians it gets. Whatever the order, America is next in line, and as we go to the polls in a few short days it’s incumbent upon a sleepy and befuddled electorate to at least ask ourselves, “What’s going on here?” Democrat or Republican, Elephant or Donkey, nothing much ever seems to change. Each party has shown it can add hundreds of billions of dollars to the national debt with little to show for it or move our military from one country to the next chasing phantoms instead of focusing on more serious problems back home. This isn’t a choice between chocolate and vanilla folks, it’s all rocky road: a few marshmallows to get you excited before the election, but with a lot of nuts to ruin the aftermath....

　

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William H. Gross

Mr. Gross is a founder of PIMCO, managing director and co-CIO in the Newport Beach office. He has been associated with PIMCO for more than 39 years and oversees the management of more than $1 trillion of fixed income securities. He is the author of numerous articles on the bond market, as well as the book "Everything You’ve Heard About Investing is Wrong," published in 1997. He appears frequently in national publications and media.

Among the awards he has received, Morningstar named Mr. Gross and his investment team Fixed Income Manager of the Decade for 2000-2009 and Fixed Income Manager of the Year for 1998, 2000, and 2007 (the first three-time recipient of Manager of the Year). In 2000, Mr. Gross received the Bond Market Association’s Distinguished Service Award.

In 1996, he became the first portfolio manager inducted into the Fixed Income Analysts Society's hall of fame for his major contributions to the advancement of fixed income analysis and portfolio management. In a survey conducted by Pensions and Investments magazine in 1993, Mr. Gross was recognized by his peers as the most influential authority on the bond market in the U.S.

He has 41 years of investment experience and holds an MBA from the Anderson School of Management at the University of California, Los Angeles. He received his undergraduate degree from Duke University.

　

　

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