Word: pimco
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...miss a lot. "I don't care about what the dating committee says. I'm concerned about longer-term issues," says Yale economist Robert Shiller. "We are in for an extended period of subnormal economic growth." Mohamed El-Erian, chief executive officer of bond-investing giant Pimco, has popularized a catchier if less informative phrase for what we're in for: "the new normal...
...main difference between the two experts really comes down to how confident each is that it's possible to pick winners. Arnott makes a living trying to do just that--his firm Research Affiliates manages the PIMCO All Asset Fund, which switches money between asset classes as conditions and prices change. For the past few months, his favorites have been high-yield (junk) and investment-grade corporate bonds and convertible bonds. Siegel favors simplicity--and stocks. "My feeling is that stocks over the next 10 to 20 years are going to give above-average returns," he says...
...there are tides, and there are currents. I keep thinking of something I heard Mohamed El-Erian, CEO of bond-investing giant Pimco, say at a conference in April: "We are so focused on whether recovery will be at the end of this year or the beginning of the next that we lose sight of the more important question. It's not whether the recession will be over; it's, What does the new normal look like?" (Watch TIME's video of Peter Schiff trash-talking the markets...
...year, we won't exactly be out of the woods. "We are so focused on whether recovery will be at the end of this year or the beginning of the next that we lose sight of the more important question," said Mohamed El-Erian, CEO of bond-investing giant Pimco, at a conference in Los Angeles last week. "It's not whether the recession will be over; it's what does the new normal look like...
...value could be marked up to buttress the banks' balance sheets - conveniently raising the assets' potential sales price at the same time. And in late March, days before the meeting with the bank CEOs, Geithner and Obama unveiled the government subsidies for buyers, drawing big names like Blackstone and Pimco into the market to purchase the assets from the banks and resell them...