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Friday, September 06, 2013

It's All Gross, All The Time

News summary by MFWire's editors

If you can't beat the Fed, still try to beat the Fed.

Bill Gross' words on the Fed continue to sour as he writes in a September letter to investors that the central bank's policies are becoming less affective in stabilizing the economy and interest rates are threatening finance and investment, Reuters' Sam Forgione reports.

Forgione quotes this question from the note: "Why invest in financial or real assets if bond prices could only go down, and/or stock prices could no longer be pumped up via the artificial steroids of QE?"

Gross' letter, "Seventh Inning Stretch," also says the conclusion of the Fed's stimulus will challenge liquidity for mutual funds and ETFs, saying the firms will "have only themselves to sell to," Forgione writes.

Gross' letter's advice to investors? Stick with short-dated bonds, Forgione reports.

In other Bill Gross related news, Gross' plan to make the ETF version of the Pimco Total Return Fund the biggest ETF in the world have fallen a bit short, InvestmentNews' Jason Kephart writes. Gross predicted it would surpass $95 billion but rising interest rates have rained on his parade, Kephart writes.

The ETF lost 3.23 percent this year and investors pulled out $858 million from the ETF since interest rates rose in May, Kephart writes. It isn't the biggest ETF at his fund anymore, either, with the $4.09 billion Pimco Enhanced Short Maturity ETF surpassing the $4.06 billion Pimco Total Return ETF, Kephart reports.

To read more, click here and here

Edited by: Casey Quinlan

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