RSS feedbill gross
’Blimey, Bill Gross has been on the Virginia Woolf…
Presented without comment:
Where do we go when we die?
We go back to where we came from
And where was that?
I don’t know, I can’t remember
Virginia Woolf, “The Hours”
I don’t remember much of this life,
The Gross paranormal, a.k.a the time depreciation of money
Bill Gross of Pimco is always worth reading.
On Wednesday the undisputed king of the bond markets followed up on thoughts originally set out in the Financial Times in December. This is good because the original article confused a lot of people.
The three Fed stooges (and Mr Gross)
The Federal’s reverse unofficial/official news service – FedWire, or Jon Hilsenrath of the Wall Street Journal — has spoken.
The FOMC has a menu of three options at its two-day meeting beginning on September 20,
Bill Gross has something to say
“I blew it.”
Well, not exactly. But this, we think, might be a first for him:
“Do I wish I had more Treasuries? Yeah, that’s pretty obvious,” Mr Gross told the Financial Times last week, adding:
A change in Pimco strategy?
Has Bill Gross ditched his “long-short-long position” on US Treasuries?
Pimco on Tuesday published the latest holdings of its flagship Total Return Fund. The statistics are accurate as of 30 June.
Koo and Gross on what Bernanke will do next
Apologies for the public school levels of surname chicanery in the title but a couple of big hitters have weighed in before the Fed Chairman’s special appearance on US Markets Live on Wednesday.
Richard Koo, chief economist at Nomura Research Institute and analyst-in-chief of “balance sheet recessions”,
Pimco explains how frogs make butter out of government debt
You may remember Bill Gross’ sage advice to “buy cheap bonds” and his amphibious explainer:
All right fellow frogs, so we’re being repressed and shortchanged in order to allow Uncle Sam to balance its books.
Bill Gross: do not buy expensive bonds
Wednesday’s 38,000 rise in ADP employment is another unreliable yet unnerving data point for the US economy and seemed to be driving 10-year US Treasuries close to 3 per cent at pixel time.
The bear market for bonds might be coming but it’s sure taking its time.
Grossly unimpressed: Pimco shorts US government debt
Pimco is not amused with the political impasse in Washington.
From Reuters on Monday morning:
PIMCO has shifted to a short position in U.S. government-related debt in the world’s largest bond fund,
Gross dumps his US government debt
Holdings of US Treasuries at the world’s largest bond fund — Pimco’s Total Return — have fallen to zero. Bill Gross really isn’t hanging around for the waitress’s reaction.
(Via Zerohedge).
Pimco – the giant shifts weight
* Money has become the economic and political wedge for profound changes in American society.
* Perhaps the most deceptive policy tool to lessen debt loads is the “negative” or exceedingly low real interest rate that central banks impose on savers and debt holders.
Good luck, Mr Gross
Pimco’s Bill Gross last week poured $4.4m of his own money into the municipal bond market in the States — which would be, you know, that thing that’s been tanking ever since the Build America Bond programme looked set to expire.
Introducing… the Sammy scheme
Why is Pimco’s Bill Gross feeling gloomy today (emphasis ours)?
Wednesday is the day when the Fed will announce a renewed commitment to Quantitative Easing – a polite form disguise for “writing checks.”…….Still,
An eye-catching quote…
…from the eye-catching-quote machine that is Mr Bill Gross.
The UK is a must to avoid. Its Gilts are resting on a bed of nitroglycerine.
In fact, the Pimco man is in fine form with his February letter to investors, in which he mulls his status as an aging (65) financial rock star,
“UK gilts resting on a bed of nitroglycerine”
It must have been, what, a couple of days since someone from Pimco last fired a broadside at the UK?
So, the top man, Admiral Bill Gross, has now taken it upon himself to deliver another round of cannon fire.
Big news: apparently deficits are now officially a problem
Forgive us if we’re mistaken, but weren’t large current account deficits supposed to be totally manageable for sizable industrious nations like the United States and the United Kingdom? No problemo. All fine and dandy.
Inflationistas, deflationistas and Goldilockeans
The inflation vs deflation debate rages on. To help FT Alphaville readers, we’ve compiled a handy-list of what we’re calling inflationistas — those who are publicly betting on high or even hyper-inflation,
Gross: US could lose AAA rating
Bill Gross, manager of the world’s biggest bond fund, warned on Thursday the US was “going the way of the UK” and will eventually lose its top AAA credit rating – a fear that had already spooked financial markets on Thursday and could keep the dollar,
Bill Gross, gnostic
We’re stumped too.
Through my years here at PIMCO there have been numerous demarcation points where Baruch’s whispers almost turned into screams. Two plus two screamed four in September of 1981 with long-term Treasury yields approaching 15%,
Down yields! Down!
US Treasury yields are creeping up once again — despite the Fed’s best attempts to flatten them via quantitative easing.
And, as this chart from Deutsche Bank shows, they’re not just creeping up, they’re re-coupling with stocks — something not seen since December,
Stocks surge on US toxic asset plan
US stocks soared on Monday after Treasury secretary Tim Geithner detailed his proposals for public-private partnerships to deal with banks’ toxic assets and prominent investors such as Pimco’s Bill Gross and BlackRock’s Larry Fink said they would participate.
US Treasuries, not treasured by Fed, or Gross
(Sorry)
Having raised the possibility of buying longer-term Treasuries in November, and mentioning the prospect in his past two policy statements, the idea was markedly absent from Fed chairman Ben Bernanke’s Tuesday testimony.
Rescuing banks, then Treasuries
Yields on US Treasuries are continuing to rise — despite the best efforts of the US to keep them down.
Monument Securities’ Stephen Lewis has this to say about it today:
US policymakers need to take the Treasuries market’s behaviour seriously.
Ponzi meets treasuries bubble
Well, Goldman aside, talk of a bubble in US treasuries is gaining pace.
To wit, the latest missive from Bill Gross, managing director of Pimco, the world’s biggest bonds fund. In his investment outlook,
Big Macs for all
But more for some.
Recall on Monday that Pimco, the world’s biggest bond manager, attempted to explain the shortfall in lending (interbank and commercial paper) thusly:
Imagine yourself at the drive-thru ordering a Big Mac.
McFear
Imagine yourself at the drive-thru ordering a Big Mac. At one window you order and pay, at the other – 20 feet ahead – you pick up your lunch. What if you thought that after paying at the first window,
Bill Gross to the rescue?
Bill Gross is to the Hanke Panke as a gold-digger is to a hedge fund manager (well, used to be).
Regardless, the Pimco head is volunteering to manage part of Paulson and Bernanke’s proposed $700bn bailout – for free.