To summarize:
Doesn't like stocks.
Thinks new 3% nominal GDP Growth is really a slow growth environment.
Permanently higher unemployment.
American Capitalistic Model is over as consumer is tapped out.
tradersutra.blogspot.com/2009/07/consumer-halcyon-days-are-over.html
Sees massive Commercial Real Estate defaults and outright government backstopping of losses.
tradersutra.blogspot.com/2009/06/cre-no-uptick-till-2017.html
tradersutra.blogspot.com/2009/04/cre-get-ready-for-next-down-leg.html
tradersutra.blogspot.com/2009/07/we-talkin-about-debt-leverage-man.html
Last but not least - Likes Treasuries and MBS. That's not a surprise considering they are a bond shop. Hmmmm, they must be sellers of treasuries and toxic mortgage debt.
/www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2009/Investment+Outlook+August+2009+Gross+Investment+Potion.htm
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