Bloomberg Invest New York summit June 6-7 2017

posted in: Notes | 0

Bill Gross Manager Janus Henderson Global Unconstrained Bond Fund

Stocks are overpriced

“Instead of buying low and selling high, you’re buying high and crossing your fingers….If there’s a common factor it’s the expansion of credit. And the credit that’s being generated by central banks. Money is being pumped out into the system and money that is yielding less than nothing seeks a haven not only in bonds that are under-yielding but in stocks that are overpriced.””

The World has changed

“..you basically tell your investors that it’s a changed world, that returns are going to be lower and that if you want to sleep at night, to accept the market as it is. Low volatility requires low returns.”

 

Dan Ivascyn, PIMCO Global Chief investment officer

On tax cuts and infrastructure

“You’ll probably get some tax reform and it will more likely resemble a tax cut as opposed to broad-based reform…There may be something done symbolically, but it’s going to be a lot smaller than the $1 trillion that’s been mentioned.”

 

Jon Winkelried, TPG Co-CEO (Private Equity)

Very high level of complacency

“The level of complacency about where markets are today is pretty scary. People are just sort of assuming it’s OK, that it is what it is, and I have to say that I’m a little bit concerned about it.”