Salient to Investors:

Bill Gross at Pimco said:

  • The most renowned investors from Buffett to Fuss to Soros may owe their reputations to the most attractive era for money management as expanding credit fueled gains in asset prices across markets.
  • Maybe the era made the man, not the man who made the era – the real test of greatness is whether they can adapt to historical changes occurring over half a century or longer.
  • Higher market volatility, an aging population, and climate change could make investing far more challenging in coming decades.
  • What if zero-bound interest rates has led to a mathematical dead-end for bonds in 2012-2013 and other conjoined asset classes? What if QE eventually collapses instead of elevate asset prices?
  • Investors such as Bill Miller are prone to exposing their Achilles heel the longer they stay in the money-management business. Peter Lynch was smart to leave when the ‘gettin’ was good.
  • There is not a Bond King or a Stock King or an Investor Sovereign alive that can claim title to a throne.

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