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

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.

When you're underperforming the index, you go home at night and cry in your beer. It's not fun, but who said this business should be fun. We're too well paid to hang our heads and say boo hoo.

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

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.

If companies don't know that they can run out of money, they won't be thinking of ways not to run out of money.

The market can move for irrational reasons, and you have to be prepared for that, ... you need to make big bets when the odds are in your favor -- not big enough to ruin you, but big enough to make a difference.