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

Imperceptibly, the developed world's manufacturing base was gradually eroding and being replaced by securitized finance that destroyed itself and nearly its economies in 2008.

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.

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

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

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.

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