This is truly one of the most brilliant things I have read in awhile…and not just because I agree with most of it. If you doubt my pessimism expressed over the last 8 months or so, maybe hearing it echoed by the greatest bond investor in the world will give it more legs.
Read this…and be nervous about the next few months in the credit markets…and realize that when Gross agrees with Buffett on issues regarding the rich, they are probably right.
Maybe somebody should give the memo to the Fed:
Hmm… Who would you put your money with on this one: one of the greatest bond investors of all time responsible for managing upwards of $500b of assets, or a beaurocrat who is trying to stave off panic with the same (but now watered down) “containment” language?
Maybe the Fed got a sneak peak at Gross’s letter and wanted to stave off reaction at the pass. The chief took a shot at his tax commentary here: Fed chief stumbles into U.S. income inequality debate
It could just be coincidence I guess.