Salient to Investors: Bill Gross at Pimco has more than doubled holdings of municipal debt sold in New York to give his fund its biggest investment in local securities in 6 years. Joe Deane at Pimco said New York’s pension system is one of the nation’s healthiest, with 94 percent of the assets needed to
READ MORE... →Salient to Investors: Billionaire hedge fund managers have been heavily buying gold. John Paulson has been accumulating gold and gold mining stocks at a fevered pace. George Soros, Louis Moore Bacon, Julian Robertson et al have been buying gold, mining equities and ETPs. Bill Gross at Pimco has urged investors to buy precious metals. George
READ MORE... →Salient to Investors: Bill Gross at Pimco cut mortgage bonds to 44 percent of assets, to the lowest level in 12 months. Read the full article at http://www.bloomberg.com/news/2012-12-12/gross-sells-mortgage-debt-after-fed-buying-cuts-yield.html
READ MORE... →Salient to Investors: Bill Gross at Pimco recommends avoiding longer-term Treasuries because of steps to boost the economy. Guy Davidson at AllianceBernstein said longer bonds have much more downside than upside, and recommends switching to the 10-yr to 15-yr maturity range. The median economist expects the Fed to continue to buy Treasuries at
READ MORE... →Salient to Investors: Bill Gross at Pimco said: Interest rates are so low and corporate spreads so tight that you have to be leery of prices going the other way. Structural headwinds may reduce real GDP below 2 percent in the US and other developed nations. With globalization, technological and demographic changes
READ MORE... →Salient to Investors: Bill Gross at Pimco recommended TIPS and said to avoid longer-term maturity Treasuries because central bank policies will spur growth that will lead to higher costs in the economy. Yoshiyuki Suzuki at Fukoku Mutual Life said that while in the short term, bonds are a safe haven, longer-term yields are not enough because inflation is an
READ MORE... →Salient to Investors: JPMorgan Chase said the drop in the yield on 10-yr Treasuries below 1.7 percent indicates investors expect GDP to fall 0.3 percent next year as the fiscal cliff takes effect. Terry Belton at JPMorgan Chase continues to believe that Congress avoids the fiscal cliff. Priya Misra at Bank of America Merrill Lynch
READ MORE... →Salient to Investors: Bill Gross at Pimco increased holdings of Treasuries for the first time since April – to 24 percent of Total Return Fund assets last month from 20 percent in September – mortgages were reduced to 47 percent from 49 percent in September. Net cash-and-equivalent assets fell to negative 9 percent in October from negative
READ MORE... →Salient to Investors: Fidelity Investments and Pimco said the fiscal cliff and Fed bond purchases will drive demand for debt. Roger Bridges at Tyndall Investment Mgmt we’re back into political games – if we continue this policy uncertainty, then the economy will fall and bonds will rally. Bill Irving at Fidelity said people own government
READ MORE... →Salient to Investors: Curtis Arledge at Bank of New York Mellon said the appointment of somebody like Erskine Bowles to be Treasury Secretary will show Obama cares about the deficit and is serious about cutting it. The Center for Responsive Politics said Goldman Sachs, Bank of America, Morgan Stanley, JPMorgan Chase and Credit
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