Bond investors want growth much like equity investors, and to the extent that too much austerity leads to recession or stagnation then credit spreads widen out - even if a country can print its own currency and write its own cheques.

Bond investors are the vampires of the investment world. They love decay, recession - anything that leads to low inflation and the protection of the real value of their loans.

When does money run out of time? The countdown begins when investable assets pose too much risk for too little return; when lenders desert credit markets for other alternatives such as cash or real assets.

Whenever I read the newspaper, I say to myself, 'At least my wife loves me.'

Human nature means that institutions at some point lose their sense of mission. That sense of vulnerability drives Pimco.

Be cautious and content with low positive returns in 2015. The time for risk taking has passed.

I have a 41-year track record of investing excellence… what do you have?