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

Accountants, machinists, medical technicians, even software writers that write the software for "machines" are being displaced without upscaled replacement jobs. Retrain, rehire into higher paying and value-added jobs? That may be the political myth of the modern era. There aren't enough of those jobs.

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

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.

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.

Pay per click was just the beginning. The real evolution is pay per action.