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Pimco's Now Buying Preferred Stock—Should You Be, Too?
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Pimco's Now Buying Preferred Stock—Should You Be, Too?

  #1 (permalink)
Quick Summary
Pimco's Now Buying Preferred Stock—Should You Be, Too?

Bond king Bill Gross' move into preferred stocks could act as a catalyst for an investment class struggling to regain its luster after the financial system collapse.

More on CNBC...

Reply to share your thoughts on this current event.

  #2 (permalink)
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This is what bill gross said no more than 2 months ago......

‘Double-Dip Scenario’

“We still have a very meaningful probability of a double- dip scenario and the Fed should think in terms of taking out insurance on that scenario,” Paul McCulley, a portfolio manager at Newport Beach, California-based Pimco, said during an “In the Loop” interview on Bloomberg Television with Betty Liu on Sept. 3, citing the chance of the economy dropping back into recession.

Pimco, the world’s largest manager of bonds funds with more than $1.1 trillion of assets, has called for a “new normal” in the global economy that will include heightened government regulation, lower consumption, slower growth and a shrinking global role for the American economy.

“There’s going to be a distinction though between the impact of QE2 on financial markets, which will be to lower yields and raise the price of Treasuries, and the impact of QE2 on the economy, which is going to be muted,” Pimco Chief Executive Officer Mohamed El-Erian said in a Sept. 10 radio interview on “Bloomberg Surveillance” with Tom Keene.

Another article from bill gross himself...

Bill Gross, the highly successful bond strategist and Chief Investment Officer at California-based Pacific Investment Management Company (Pimco), the world's largest bond fund, sees a good chance of a double-dip recession.

That will mean investment opportunities in longer-term government debt, according to Gross.

Speaking in a live interview with CNBC on Wednesday, Gross said "To the extent that we have had a trillion dollars worth of stimulus, from the standpoint of deficits, and more, the government basically has to continue to do that and to add to that in order to keep the economy chugging along.

"To the extent that that's limited, to the extent that they pull back on some of those stimulus programs—Cash for Clunkers and those types of things—then the double-dip moves into the realm of possibility," he said.

But Gross said the situation remains precarious in what his firm repeatedly has called the "new normal" of much slower growth rates than normal over an extended period of time.

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  #3 (permalink)
Elite Member
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Posts: 670 since Apr 2010
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Stocks are considered risky compared to bonds... so its nice that he tells everyone to buy bonds when stocks are near the lows, and tells them to buy stocks when its making new highs.

When he says that we will have continued slow growth for many years to come, and then he buys stocks( it doesn't matter that they're preferred, because they're just as volatile), seems very contradictory. These guys are running massive funds, they can't flip and go long like you do when your day trading. It takes months to build inventory and a position.

The only thing he said that was positive in that statement was that the situation remains precarious... Which basically means it could go either way. At least he was honest about that.

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