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Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.

Bill Gross

I have a 41-year track record of investing excellence… what do you have?
BILL GROSS

Excellence Track Years
Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.
BILL GROSS

Analysis Aspect Judging
Why is it possible to rescue S&L buccaneers in the early ’90s and provide guidance to levered Wall Street investment bankers during the 1998 long-term capital management crisis, yet throw 2 million homeowners to the wolves in 2007?
BILL GROSS

Bankers Capital Long Management Wall
When you’re underperforming the index, you go home at night and cry in your beer. It’s not fun, but who said this business should be fun. We’re too well paid to hang our heads and say boo hoo.
BILL GROSS

Beer Fun Home
Do you really like a particular stock? Put 10% or so of your portfolio on it. Make the idea count … Good [investment] ideas should not be diversified away into meaningless oblivion.
BILL GROSS

Ideas Oblivion Portfolios
Ex-Fidelity mutual fund manager Peter Lynch was certainly brilliant in one respect: he knew to get out when the gettin was good.
BILL GROSS

Brilliant Fidelity Fund Mutual
People have different impressions of themselves, and where reality lies is somewhere in between.
BILL GROSS

Lying People Reality
With all this consumer debt, business debt, government debt, smaller movements in interest rates have a magnified effect. a small movement can tip the boat.
BILL GROSS

Debt Government Movement
Retrain, rehire into higher paying and value-added jobs? That may be the political myth of the modern era. There aren’t enough of those jobs.
BILL GROSS

Enough Jobs Myth People
We are witnessing the death of abundance and the borning of austerity, for what may be a long, long time.
BILL GROSS

Austerity Long Many
Well, I, you know, I think at PIMCO we always try and be open with the press and the public. I mean, isn’t that what voters want from their politicians? Mohamed El-Erian, our CEO, writes several op-eds a week.
BILL GROSS

Mean Thinking Writing
Damn inflation, full speed ahead,’ Greenspan has said in both action and word. I think an investor should believe him and invest accordingly.
BILL GROSS

Action Believe Inventor Thinking
Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries.
BILL GROSS

Creditors Dollars Sanity
Pay per click was just the beginning. The real evolution is pay per action.
BILL GROSS

Action Click Pay Real
If companies don’t know that they can run out of money, they won’t be thinking of ways not to run out of money.
BILL GROSS

Running Thinking Way
The market can move for irrational reasons, and you have to be prepared for that, … you need to make big bets when the odds are in your favor — not big enough to ruin you, but big enough to make a difference.
BILL GROSS

Differences Moving Odds

Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.

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Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.

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Popular Authors

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