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

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.

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

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

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

Why is it possible to rescue S&L buccaneers in the early '90s and provide guidance to levered Wall Street investment bankers during the 1998 long-term capital management crisis, yet throw 2 million homeowners to the wolves in 2007?

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.