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

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.

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.

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.

Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP.

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

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