Do you really like a particular stock? Put 10% or so of your portfolio on it. Make the idea count … Good [investment] ideas should not be diversified away into meaningless oblivion.

People have different impressions of themselves, and where reality lies is somewhere in between.

In questioning initially whether I am a great investor, I open the door to question whether other similarly esteemed public icons like Bill Miller are as well. It seems, perhaps, that the longer and longer you keep at it in this business the more and more time you have to expose your Achilles heel - wherever and whatever that might be.

Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP.

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

Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.

Bonds despite their ridiculous yields will not easily be threatened with a new bear market.