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Tuesday, September 28, 2010 9:31:11 AM
Bill Gross >>> "Stan Druckenmiller is Leaving"
* October 2010
* The New Normal has a new set of rules. What once pumped asset prices and favored the production of paper, as opposed to things, is now in retrograde.
* The hard cold reality from Stan Druckenmiller’s “old normal” is that prosperity and overconsumption was driven by asset inflation that in turn was leverage and interest rate correlated.
* Investors are faced with 2.5% yielding bonds and stocks staring straight into new normal real growth rates of 2% or less. There is no 8% there for pension funds. There are no stocks for the long run at 12% returns...
http://www.pimco.com/Pages/StanDruckenmillerisLeaving.aspx
George.
Click on "In reply to", for Authors past commentaries.
* October 2010
* The New Normal has a new set of rules. What once pumped asset prices and favored the production of paper, as opposed to things, is now in retrograde.
* The hard cold reality from Stan Druckenmiller’s “old normal” is that prosperity and overconsumption was driven by asset inflation that in turn was leverage and interest rate correlated.
* Investors are faced with 2.5% yielding bonds and stocks staring straight into new normal real growth rates of 2% or less. There is no 8% there for pension funds. There are no stocks for the long run at 12% returns...
http://www.pimco.com/Pages/StanDruckenmillerisLeaving.aspx
George.
Click on "In reply to", for Authors past commentaries.
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