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To: ild who wrote (250199)	7/15/2003 3:17:01 PM
From: patron_anejo_por_favor	Respond to of 436258

Whooooaaa, I hadn't seen that! Looking GOOD!<NG> 0.36 equity P/C's? HO HO HO!

To: ild who wrote (250199)	7/15/2003 8:43:47 PM
From: ild	Read Replies (1) \| Respond to of 436258

Investment Outlook Bill Gross \| July 2003 Happiness Running pimco.com As our May Secular Forum suggested, there are substantial structural impediments – “wet logs” – that will make it difficult for reflation to catch fire. Strong cyclical economic recoveries may be a thing of the past until high global debt levels are diluted via reflation, and the negative competitive influence of China and India is lessened via currency revaluation. These and other wet logs may prevent a “quick start” to government’s inflationary efforts. Nonetheless, the high tide for bond (and stock) investors has already taken place, although at different times. Mid-year of 2000 is an obvious high water mark for stocks and June of 2003 is a likely one for bonds. Both bond and equity strategies should begin with the assumption of low, single digit returns for the next decade and then be engineered to improve on those returns by 1% or so annually.