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.
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