Advertencia del rey del bono

Escrito por Antolín Pincha aquí para preguntar

5 de marzo 2015

Bill Gross administraba, para Pimco, el mayor fondo del mundo de bonos públicos (deuda del estado). Ahora practica la misma función para Allianz, otro gigante de fondos de inversión.

Latest letter from Bill Gross:

None dare call it a “currency war” because that would be counter to G-10/G-20 policy statements that stress cooperation as opposed to “every country for itself”, but an undeclared currency war is what the world is experiencing. Close to the same thing happened in the 1930’s, a period remarkably similar to what many countries’ policies resemble today….

…the United States that gained first mover advantage, lowering interest rates to near zero percent by the beginning of 2009, initiating quantitative easing (QE) policies far sooner than competitors, and in effect devaluing the dollar by 15% over the next several years…

…low interest rates globally destroy financial business models that are critical to the functioning of modern day economies. Pension funds and insurance companies are perhaps the most important examples of financial sectors that are threatened by low to negative interest rates.

…to elevate returns, investors and savers do all the wrong things required of a stable capitalistic model. Savers save more, not less, and invest at higher risk levels…

Asset prices for stocks, high yield bonds and other supposed 5-10% returning investments, become stretched and bubble sensitive; Debt accumulates instead of being paid off…

The financial system has become increasingly vulnerable only six years after its last collapse in 2009….