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Friday, June 05, 2009

Gross Sees A New Normalcy

Reported by Meredith Mazzilli

Fresh on the heels of the launch of Pimco's first ETFs comes advice from the bond giant's founder. This Friday, a new round of commentary from Bill Gross arrived in the form of his latest monthly podcast. Fundsters on the investing side may want to take note of Gross's content, while marketing fundsters may be more interested in the bond specialist's technology-savvy technique.

Staying Rich in the New Normal offers an adjusted strategy for investing in a future that, Gross argues, will likely feature dollar weakness, delevered financial markets, higher bond yields and trillion-dollar deficits as the norm. Gross highlights two troubling signs that indicate the end of the era of the "filthy rich"-- the erosion of the U.S.'s share of global wealth production and the fact that the government deficit to GDP ratio is closing in on levels last approached in the 1930s Depression.

The writing is therefore on the wall in terms of a transformed economy, Gross argues. Investors should be prepared to downgrade their expectations with regards to rate of return, and the days of "making a fortune with other peoples' money" are over. "Bond investors should therefore confine maturities to the front end of yield curves where continuing low yields and downside price protection is more probable," Gross said. Holders of dollars should diversify their own baskets before central banks and soverign wealth funds ultimately do the same."

The pod cast is accessible free of charge on iTunes. The text of the podcast is available on Pimco's website.


Press Release

PIMCO today announced that co-Chief Investment Officer and Founder Bill Gross' June "Investment Outlook" is available as a free podcast on iTunes.com and pimco.com. This month's podcast covers topics such as the falling dollar, slower GDP and "the New Normal."

Gross, the first major money manager to podcast, offers provocative views for investing, the economy and life. Gross' free monthly investment forecast can be subscribed to at www.iTunes.com by searching podcasts for "PIMCO" or "Bill Gross." The audio can also be downloaded at www.pimco.com by clicking on the "Investment Outlook" link.

Gross has been making his "Investment Outlook" podcasts available since 2005. A Japanese version of his podcasts is also available on iTunes. 

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