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

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.

Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries.

Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.

Finding the best person or the best organization to invest your money is one of the most important financial decisions you'll ever make.

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.

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