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

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

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

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.

Bond investors want growth much like equity investors, and to the extent that too much austerity leads to recession or stagnation then credit spreads widen out - even if a country can print its own currency and write its own cheques.

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.

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.