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

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

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

You know those adages about smelling the roses and chasing butterflies? The markets are my butterflies and my roses.

Accountants, machinists, medical technicians, even software writers that write the software for "machines" are being displaced without upscaled replacement jobs. Retrain, rehire into higher paying and value-added jobs? That may be the political myth of the modern era. There aren't enough of those jobs.

If financial assets no longer work for you at a rate far and above the rate of true wealth creation, then you must work longer for your money.

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.