"Mr Potato Head! Mr Potato Head! Back doors are not secrets."
--Jim Sting (WarGames)
After raving about the most recent monthly letter by Bill Gross, I decided to chew thru the couple before that. Turns out they are all excellent and worthy reading.
March 2012: Defense
April 2012: The Great Escape
May 2012: Tuesday Never Comes
He maps some prudent strategies for navigating the current environment of financial repression. Financial repression can be defined as government seeking to force interest rates close to the zero bound, thereby penalizing holders of short term financial vehicles such as cash. The idea is to nudge people into riskier investments in hopes of jump starting the stalled economy.
It does not take a genius to identify the problems associated with this near-sighted approach.
I plan on reading these letters again over the next few days.
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Pimco Total Return has advanced 4.4 percent this year, beating 99 percent of similarly managed funds.
~Bloomberg
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