The international newspaper of money management August 29, 2008
Bill Gross Investment Outlook
Mooooooo!
July 30, 2008
The deflating U.S./global asset markets are much like Churchill’s Russia: a riddle wrapped in a mystery, inside an enigma, says Bill Gross, PIMCO's chief investment officer.
Dear President Obama
June 30, 2008
In a letter to a predicted President Obama, Bill Gross ponders why anyone would want to be president when the nation will be facing its first trillion-dollar deficit.
Hmmmmm?
May 22, 2008
Bill Gross says Treasury bonds and U.S. TIPS should be avoided because of an artificially low inflation rate, calls commodity-based assets and foreign equities-denominated in currencies that reflect real growth and inflation-“credible” and says developing economies are “obvious” choices for investment dollars.
All Quiet on the Western Front
April 29, 2008
Bill Gross says the Fed risks doing more damage than good if it lowers the Fed funds rate again. A better alternative, he says, is to initiate a “limited” mark-to-market write-down of private mortgage debt and offer government-subsidized loans at below market rates.
When I'm Sixty-Four
March 31, 2008
Bill Gross surveys the financial market landscape as he approaches his 64th birthday with no plans to slow down because the times are too exciting.
No Country for Old Maids
February 26, 2008
There’s a parlor card game most boomers know as “Old Maid.” Old Maid now has a second life mimicking our financial markets, and at PIMCO we’ve played it frequently in our Investment Committee over the past several months.
Better Late Than Never
January 29, 2008
artificially low, 1% short-term interest rate was an elixir during the days of a burgeoning shadow banking system. It cannot be the solution now.
Pyramids Crumbling
January 8, 2008
My college experience dates so far back that it can only be labeled "ancient history." Still, there are a few seminal lessons I learned at Duke University—unfortunately none of them having much to do ...
The Shadow Knows
December 18, 2007
The woven tangled web of subprimes has claimed more than its share of victims in recent months. Homeowners by the hundreds of thousands, to be sure, but also those that created, packaged, insured,...
Shadow Dancing
October 30, 2007
When the music’s over, turn out the lights. Jim Morrison, The Doors 1967Citigroup’s Chuck Prince was a dancer. Not by profession mind you, or even as an amateur Foxtrotter with the ...
Now On PIonline
- The U.K.’s new rule on disclosing short positions has perplexed investors, who are pushing the country’s chief stock regulator to take a second look at it. Posted: August 29, 6:01 AM
- Corporate pension plans worldwide are active investors in private equity but are much less likely to commit capital to firms raising their first funds or emerging market funds, than their public brethren. Posted: August 27, 6:01 AM
- A vote-counting error revealed after Yahoo’s annual meeting has renewed concerns about the way investor votes are tabulated in the U.S. — and raised questions about the company with a near-monopoly on the business of processing shareholder votes. Posted: August 26, 1:30 PM
- CalPERS’ staff is itching to take advantage of wide credit spreads and other fixed-income market conditions that could be short-lived through a new internal derivatives-based enhanced equity portfolio. Posted: August 22, 8:57 AM
- Pax World Management agreed to settle Securities and Exchange Commission charges that it violated its own socially responsible investment restrictions. Posted: August 19, 6:01 AM
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Un-conventional thinkingReformers are licking their chops over next week's Democratic National Convention, with high expectations to put new corporate governance rules such as “say on pay,” higher taxes on hedge funds and private equity shops, and wider pension coverage squarely on the blue party's platform. Read more |
Early birdsWhen the Federal Reserve moved to fix panicked fixed-income markets last fall, Stephen Walsh, chief investment officer, and other WAMCO officials thought credit was safe again. They were wrong. Read more |
Alpha thisSome Middle Eastern and European institutional investors are reviewing or reducing their hedge fund allocations, concerned that some managers are charging excessive fees for too little alpha, lack transparency or are struggling to reap excess returns. Read more |
Slow roadMoney managers, like PIMCO's Mohamed El-Erian, think the credit bust is going to be more pernicious than previously thought, and the recovery slower and more subdued. Read more |
Cash hungrySome hedge funds long closed to new investment have thrown their doors wide open, seeking new cash in order to keep the lights on. Read more |
Backup planMartin B. Kaplan left college interested in finance and real estate investment but became a lawyer as backup in case his finance plans didn’t pan out. They did and today he runs one of the world’s largest and most institutional hedge fund-of-funds managers. Read more |
Sour tastePrivate equity was on fire in 2006 and 2007, but investors who fueled the record fundraising then might get burned now. Read more |