Börsennotizbuch

PIMCO (Pacific Investment Management Company) ist bekanntlich der größte institutionelle Bond-Investor der Welt (die Firma ist eine Allianz-Tochtergesellschaft). Ihr Chef, Bill Gross, ist auch einer der größten, mindestens der bekanntesten Namen in der Finanzwelt.

Jetzt veröffentlicht Bill Gross sein Investment Outlook März 2009 — und dieses ist auf jeden Fall einen Blick Wert. So fängt es an:

“Where’s the bottom?” someone shouted at a recent PIMCO staff meeting. “Which market?” I shot back, which sort of ended the conversation, but provided little else in the way of an answer. The fact is (I should have said) that financial delevering affects most markets in the same way; they are similar trades. As unwinding leverage fails to be cushioned by a government check, prices go down on risk assets. Only the strong – or in this case – the highest quality assets survive. And so the bottom for risk assets is divorced and distinct from government guaranteed assets. “Where’s the bottom and where’s the top?” would have been a better question. No one knows of course, but we make educated guesstimates and try to communicate them to an enquiring public. We believe in giving a listener, as well as any one of our more than eight million individual clients, their money’s worth.

Weissgarnix hat schon mal nachgehackt: Bill Gross in: “Oops, I did it again”.

Ich lasse es aus Zeitgründen einfach mal unkommentiert…