The latest Investment Outlook from Janus' Bill Gross
Bill Gross decided to release his latest Investment Outlook right in between the ECB rate decision and press conference. That's no way to operate.
I had a chance to read it now and we didn't miss much. It's a rambling letter that theorizes that central banks will continue to double QE bets until they get deflation or give.
He says stock and bond markets will eventually stop rallying on cheap money but when?
"I really don't know; I'm just certain it will. Doesn't help you much, does it," he writes. "Except to argue that much like time is relative to the speed of light, the faster and faster central bankers press the monetary button, the greater and greater the relative risk of owning financial assets. I would gradually de-risk portfolios as we move into 2016. Less credit risk, reduced equity exposure, placing more emphasis on the return of your money than a double digit return on your money."
