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PIMCO's general commentary Replies |
rffrydr
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 Posted: Sun May 06, 2012 9:09 am Post subject: |
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Gross did well this past year realizing the prepayment factor in Mortgage paper disappears in rates pinned low. And by going with 5yrs got a nice ride on the curve....back to even, baby!
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HenryTo
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rffrydr
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| Posted: Wed Jan 04, 2012 11:55 am Post subject: |
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The new "New Normal":
http://www.bloomberg.com/video/83658788/
Don't like Pimco's move toward equities--or like it too much??? 
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rffrydr
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| Posted: Mon Apr 11, 2011 9:55 am Post subject: |
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They may be talking down europe but they're now officially betting down the home team:
http://www.businessinsider.com/pimco-short-treasuries-2011-4
This total liquidity pump BTW has been a blip on the German GDP. And since when did the ECB have a "hard-earned" reputation. Quite the opposite: It was Trichet tightening into monster's gape!
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HenryTo
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| Posted: Sun Apr 10, 2011 9:50 am Post subject: |
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Mohamed El-Erian on the evolution of the European sovereign debt crisis:
http://www.bloomberg.com/news/2011-04-07/european-debt-crisis-morphs-into-new-phase-commentary-by-mohamed-el-erian.html
| Quote: | If this trend continues, as I expect it to, look for the EU, ECB and IMF to change their approach to helping the three countries being bailed out. The focus will shift away from liquidity and on to solvency well before 2013.
With reduced concern about the contagion spreading up the credit-quality ladder, these three official lenders will be less willing to continue to pile new debt on top of old debt, and rightly so. The approach taken so far, while succeeding in retarding the day of reckoning for private creditors and banks, has involved significant costs.
The strategy has shifted even more of the burden to already stressed taxpayers and users of public services. It has further undermined the outlook for sustainable economic growth and employment creation, aggravating social tensions. And it has contaminated the ECB’s balance sheet, eroding its hard-earned credibility and policy responsiveness.
On the surface, Portugal’s bailout may look like a replay of Greece and Ireland. But don’t be fooled. Seemingly familiar developments in the next few weeks will likely be followed by a paradigm shift, especially if European banks continue to raise capital.
This will accelerate the move from an unsustainable liquidity approach to a more durable solvency solution for the continent’s debt crisis. |
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rffrydr
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Location: Sunny California
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| Posted: Wed Oct 27, 2010 2:14 pm Post subject: |
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Gotcha! Gross says "return to normal" here:
http://www.cnbc.com/id/15840232?video=1626466940&play=1
That there will be no "return to normal" is the one thing about the "new normal" that I agree with.
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rffrydr
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| Posted: Tue Oct 19, 2010 12:33 pm Post subject: |
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Gross' biggest mistake: not making the Buffett loan. The "character trade."
http://www.cnbc.com/id/15840232?video=1619387890&play=1
Clever guy--the trade that "could have been."
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rffrydr
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| Posted: Wed Sep 29, 2010 1:47 pm Post subject: |
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"Goodbye double-digit returns":
http://www.cnbc.com/id/39414436
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nodoodahs
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HenryTo
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HenryTo
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rffrydr
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HenryTo
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| Posted: Thu Apr 01, 2010 6:58 am Post subject: |
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Scott Mather, head of global portfolio management at PIMCO, reiterates the company's stance on the developed countries' bond markets:
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PIMCO sees Greece action ineffective; UK downgrade
On Thursday April 1, 2010, 4:17 am EDT
By Faith Hung
TAIPEI (Reuters) - PIMCO sees Europe's action on Greece as ineffective in fixing the country's problems, while Britain's sovereign debt rating could be downgraded within a year, a top executive of the world's largest bond fund said.
Scott Mather, head of global portfolio management at Pacific Investment Management Co (PIMCO), told a briefing in Taipei on Thursday that the company was underweighting UK, U.S. and pan-European 10-year sovereign bonds.
"Miracles are needed in the next six months in order to keep economic growth in the developed world," Mather said.
PIMCO has been warning investors to stay away from developed countries like Britain with heavy debt burdens, recommending instead shifting assets to Asia and developing countries.
Confidence in Greece as a borrower has been badly shaken by a 300 billion euro ($405 billion) debt pile that exceeds the country's 240 billion euro annual economic output. It has about 23 billion euros worth of bonds -- equivalent to almost 10 percent of its gross domestic product -- maturing between now and the end of May.
Eurozone leaders last week agreed to a joint financial safety net with the IMF to ease Greece's debt crisis and restore confidence in the euro, which has lost 5.5 percent of its value against the U.S. dollar this year.
Mather said, however, that European governments had not said how much money they were going to put into Greece.
Last month, PIMCO said it was maintaining its negative stance on British gilts because the amount of debt the country would have to issue in the future should lead to inflation and a depreciating currency.
Britain's record-high debt has caused disquiet among investors, and Standard & Poor's has put the country's top-notch triple-A rating on a negative watch. |
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HenryTo
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| Posted: Sun Sep 27, 2009 12:00 am Post subject: |
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PIMCO the implications of the recent Japanese general election:
http://www.pimco.com/LeftNav/Viewpoints/2009/Japan+Elections+QA+Masanao+Sep+09.htm
| Quote: | Q: What will the consequences of the new government’s policies be for investors in the Japanese markets?
Masanao: The new administration’s unfriendly policy for large corporations suggests that a cautious risk posture in the Japanese credit market in general will be appropriate, particularly given the current valuations in the credit market. We have been cautious about Japanese corporate credit given the macroeconomic backdrop. The new administration’s policy raises potential medium- to long-term concerns for corporate Japan in general, which in turn underscores the importance of bottom-up issuer and issue selection for our client portfolios.
The BoJ’s policy of low rates for an extended period of time coupled with the potential downside risks in the economy suggest the intermediate part of the Japanese government bond (JGB) curve will continue to be a prudent duration. Yet, the longer end of the yield curve looks vulnerable as we believe it requires a higher fiscal risk premium due to the new administration’s policies.
The DPJ's foreign policy bias toward Asia and away from the U.S. and economic policy focused more on households than on large corporations should translate into medium- to long-term tolerance for yen appreciation, which seems likely to parallel other Asian countries’ increasing tolerance for their own currency appreciation. However, we will continue to favor a basket of selected ex-Japan Asian currencies that are cheaper than the yen on a valuation basis. |
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rffrydr
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| Posted: Mon Jun 22, 2009 6:49 am Post subject: |
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