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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: bruceleroy1_- who wrote (203492)	11/8/2002 11:43:18 AM
From: reaper	Read Replies (2) of 436258

i think Gross may have said he didn't see a lot of upside in TREASURIES and he was going after more corporates as the spreads are at very high levels. so maybe he is changing his tune a little bit at the margin there, as he mentioned that 30-year TREASURIES were cheap in that note that i posted. Gross thinks that stocks are grossly over-valued (sorry about that <g>). go to the PIMCO site and see his latest write-up; he shows a 'Fed Model' (earnings yield vs bond yield) but shows it relative to BBB corporate credit as opposed to Treasury credit (which IMO is the way it should be done). Good stuff. The asset allocation stuff is just pension managers and consultants acting like morons and following their models like sheep. You can be fired for engaging your brain in that business, so instead they just chant 70/30; 70/30/ 70/30 over and over and over. Just think of all the coin somebody who HASN'T been re-allocating over the last 2 years has made (but he'd probably still be fired for not following the model <g>). Cheers

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