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Bond investors want growth much like equity investors, and to the extent that too much austerity leads to recession or stagnation then credit spreads widen out - even if a country can print its own currency and write its own cheques.

Bill Gross

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Bill Gross
Age: 80
Born: 1944
Born: April 13
Businessman
Entrepreneur
Financier
Middletown
Ohio
Bill Gross
William Hunt Gross
William H. Gross
Country
Investors
Austerity
Writing
Print
Spreads
Even
Extent
Recession
Much
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Spread
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Credit
Equity
Growth
Bond
Cheques
Write
Currency
Widen

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The market can move for irrational reasons, and you have to be prepared for that, ... you need to make big bets when the odds are in your favor -- not big enough to ruin you, but big enough to make a difference.
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People have different impressions of themselves, and where reality lies is somewhere in between.
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When the tide goes out, you get to see who's swimming naked. PIMCO has had its bathing suit on for a long time
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Bonds despite their ridiculous yields will not easily be threatened with a new bear market.
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Well, I, you know, I think at PIMCO we always try and be open with the press and the public. I mean, isn't that what voters want from their politicians? Mohamed El-Erian, our CEO, writes several op-eds a week.
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Ex-Fidelity mutual fund manager Peter Lynch was certainly brilliant in one respect: he knew to get out when the gettin was good.
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Do you really like a particular stock? Put 10% or so of your portfolio on it. Make the idea count … Good [investment] ideas should not be diversified away into meaningless oblivion.
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We are witnessing the death of abundance and the borning of austerity, for what may be a long, long time.
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Both from the standpoint of stocks and bonds, an investor wants to go where the growth is.
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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.
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Imperceptibly, the developed world's manufacturing base was gradually eroding and being replaced by securitized finance that destroyed itself and nearly its economies in 2008.
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Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.
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If companies don't know that they can run out of money, they won't be thinking of ways not to run out of money.
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Be cautious and content with low positive returns in 2015. The time for risk taking has passed.
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Human nature means that institutions at some point lose their sense of mission. That sense of vulnerability drives Pimco.
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Whenever I read the newspaper, I say to myself, 'At least my wife loves me.'
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I am tough but I have a soft side.
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In questioning initially whether I am a great investor, I open the door to question whether other similarly esteemed public icons like Bill Miller are as well. It seems, perhaps, that the longer and longer you keep at it in this business the more and more time you have to expose your Achilles heel - wherever and whatever that might be.
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When you're underperforming the index, you go home at night and cry in your beer. It's not fun, but who said this business should be fun. We're too well paid to hang our heads and say boo hoo.
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