Ex-Fidelity mutual fund manager Peter Lynch was certainly brilliant in one respect: he knew to get out when the gettin was good.

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.

I am tough but I have a soft side.

Well, I, you know, I think at PIMCO we always try and be open with the press and the public. I mean, isn't that what voters want from their politicians? Mohamed El-Erian, our CEO, writes several op-eds a week.

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.

Bernanke and company are trying to reflate the economy with almost stated objective of inflation at 2 percent and higher in order to provide some type of safety margin for a future recession. That's where they want to go.

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