Thursday, March 10, 2011

PIMCO dumps US Treasuries holdings




but market yawns and prices rise.

7 comments:

Anonymous said...

An ominous sign. PIMCO also had the vision to get out -- a full year in advance if I recall correctly -- before the massive devaluation of the Argentine currency brought on by out-of-control debt fueled government spending.

The best book on the crisis is Paul Blustein's And The Money Kept Rolling In (And Out).

If you want to gain some insights on the devastation and hardship brought onto a citizenry by a currency devaluation read his book.

Believe (foolishly) at your own risk that it couldn't happen here.

Kingfish said...

Well, keep one thing in mind: Gross is well-known for trying to manipulate the markets. If the yield rose to 4 or even 5 percent, heaven forbid 6, that would not be a market or economy killer. I've thought the yields were artificially low anyway.

Anonymous said...

God forbid that Gross try to protect his client's investments from risk.

Kingfish said...

Don't dispute that at all. Just saying Gross has a history every now and then of trying to get cute.

Anonymous said...

Is it just me or does news of the collapse of the US bond market embarrass you? Would this sort of thing EVER be discussed in even the most incompetent administrations in the past?

Kingfish said...

The bond market has not collapsed. Yield is not even 4% on a ten year. When it gets above seven or eight, then we can start thinking about it. Yield was above five throughout the 90's and the economy did fine.

Auburn Rat said...

I hold 4000 shares of pimco. if I had not bought in in 2008 my 401 and roth would be in the tank. I ain't worried about pimco. also have munis. not worried there either. taxes are going up regardless of whose hosing who. cities do not default. a good muni fund is a safe bet.

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If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

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