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.

When the tide goes out, you get to see who's swimming naked. PIMCO has had its bathing suit on for a long time

I would admit Im an introvert. I dont know why introverts have to apologize.

We are witnessing the death of abundance and the borning of austerity, for what may be a long, long time.

Finding the best person or the best organization to invest your money is one of the most important financial decisions you'll ever make.

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.

Both from the standpoint of stocks and bonds, an investor wants to go where the growth is.