Bill Gross pratar om vad som gör en famgångsrik investerare; förmågan att anpassa sig till förändring. Han ser också att den tid och förutsättningar som varit är på väg att ändras. Vad ser han i framtiden? Hur kommer han att förändra sig?
“But let me admit something. There is not a Bond King or a Stock King or an Investor Sovereign alive that can claim title to a throne. All of us, even the old guys like Buffett, Soros, Fuss, yeah – me too, have cut our teeth during perhaps a most advantageous period of time, the most attractive epoch, that an investor could experience. Since the early 1970s when the dollar was released from gold and credit began its incredible, liquefying, total return journey to the present day, an investor that took marginal risk, levered it wisely and was conveniently sheltered from periodic bouts of deleveraging or asset withdrawals could, and in some cases, was rewarded with the crown of “greatness.” Perhaps, however, it was the epoch that made the man as opposed to the man that made the epoch.”
The “Bond King” – Pimco boss Bill Gross – says:
[There’s] a diminished or dying cult of both bonds and stocks from the standpoint of a belief that they can return 10% ….
Gold can’t be reproduced. It could certainly be taken out of the ground in an increasing rate but there’s a limiting amount of gold.
And there has been an unlimited amount of paper money over the past 20 to 30 years and now – in this period of central bank expansion where it’s QE1 or QE2, or whether it’s the LTROs of the ECB or this potential new program … then central banks are at their leisure to basically print money.
Gold is a fixed commodity that has a considerable store of value that paper money has not….
When a central bank starts writing checks and printing money in the trillions of dollars, it’s best to have something tangible that can’t be reproduced, such as gold.
Gold … is a better investment than a bond or a stock, which probably will only return a 3 to 4 percent return over the next 5 to 10 years.