The world's golden era of credit is now over

Excessive credit proved to be a hyper-destructive explosive that threatened those treading the easy credit path.

Bill Gross paid his way through college playing blackjack. He founded the bond fund giant PIMCO and is rightly regarded as one of America's most astute financial managers. Every month he posts a decidedly idiosyncratic newsletter on PIMCO's website.

This month he took a candid look at his track record and those of his equally and less famous peers. He wrote: "There is not a Bond King or a Stock King or an Investor Sovereign alive that can claim title to a throne. All of us, even the old guys like Buffett, Soros, Fuss, yeah – me too, have cut our teeth during perhaps a most advantageous period of time, the most attractive epoch, that an investor could experience.

Read the full article: Golden era of credit is now over (AFR subscription required)

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Max Walsh

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Max Walsh was for many years one of Australia’s top economic and political commentators, highly regarded as a journalist, author and broadcaster. Throughout his career, Max was involved in all dimensions of the media industry, which has encompassed positions with two of Australia’s largest publishing companies and television networks.

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