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Bill Gross's Investment Outlook For February: Happiness Runs

FYI: I think a lot about happiness – what makes a person happy,
whether or not happiness should even be a life’s priority – things
like that. A good high school friend stunned me at the early age
of 17 by suggesting we should not necessarily try to be happy.
Sacrifice, service, devotion to a cause were higher orders, he felt,
although presumably, since those were choices, their pursuit could
secondarily lead to happiness
Regards,
Ted
https://17eb94422c7de298ec1b-8601c126654e9663374c173ae837a562.ssl.cf1.rackcdn.com/Documents/umbrella/bill gross/47655_ TL-Bill Gross Investment_ Happiness Runs.pdf

Comments

  • We shall not cease from our explorations/And the end of all our exploring/Will be to arrive where we started/ And know the place for the first time.
  • Eliot and Gross, the big two
  • YES, this time it is different, still remains in place.....
  • This is too bizarre, even for Mr. Gross. Skip to the last paragraph, like most of his wanderings. Translation..."Don't fight the Fed. Rates will remain artificially low for some time". Here is a great case for ignoring the celebrity status of a manager.
  • How can you calculate the discount rate if

    "Time present and time past
    Are both perhaps present in time future
    And time future contained in time past.
    If all time is eternally present
    All time is unredeemable."

    I don't think I want poets managing my money
  • @sma3 - no kidding, and it doesn't even rhyme
  • edited February 2017
    Hi @BobC
    From Mr. Gross.......the expansion of central bank balance sheets from perhaps $2 trillion in 2003 to a now gargantuan $12 trillion at the end of 2016 is remarkable. Not only did central banks buy $10 trillion of bonds, but they lowered policy rates to near 0%
    and in some cases, negative yields.
    >>>Apparently the notations from Mr. Gross regarding central bank balance sheets and related central bank thoughts from Mr. Gross, have no barring upon anything we investors should concern ourselves.
    The phrase of the day going forward thus becomes: "Please move along folks, there is nothing to see here."
    Regards,
    Catch
  • edited February 2017
    sma3 said:

    How can you calculate the discount rate if

    "Time present and time past
    Are both perhaps present in time future
    And time future contained in time past.
    If all time is eternally present
    All time is unredeemable."

    I don't think I want poets managing my money

    Hey @sma3 - The feeling's mutual.
    I don't want money managers writing my poetry either.:)
  • It's apocryphally repeated among English majors that when, in the late 1950s, some professors (Yale, I believe) drove up to the Hartford accident and indemnity insurance company where the great poet Wallace Stevens had worked for 40y until his recent death, to collect papers and other pertinent whatnot from his VP office, his longtime secretary responded to their introduction with "Wally? Poetry?"
  • Please help me understand. If rates increase, dollar increases correct? Because it pays more interest to hold dollars, right? First, that means emerging market stocks have to suffer, I think. Given Trump is talking down the dollar, regardless of whether one is Gross-ed out or not, isn't he right when saying rates will stay artificially low for a while?
  • @davidrmoran Don't forget Elliot worked at Lloyd's before Faber and Faber so he certainly knew something of the time value of money... He also hung around a bit with Keynes in Bloomsbury although I am sure the real members of that "set" found him unbearable personally
    Things change- I could never convince my poet son to take an economics course




  • My new favorite song!!
  • Understand that I do not pooh-pooh the large increase in central bank balance sheets. It is real and we should be concerned. But this is not some fact that Mr. Gross mysteriously found. It's been discussed for years. So, yeah, move along.
  • @sma3,

    Right (Bloomsbury). Though I imagine being found unbearable by that crowd, or most of its members, might be an honor.

    I insisted my kids take a range, since we were paying, so the econ whiz took lit, art history and music history, and the art history one took music history and, wait, maybe she avoided econ ... :|
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