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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Bond King's big debt bet is on the mark, rivals say |
Chicago Tribune - March 11, 2011 - by Jennifer Ablan
NEW YORK (Reuters) - With his 67th birthday just weeks away, the investor widely known as the Bond King has taken one of the biggest bets of his life -- but at least Bill Gross has got some company.
Gross' decision to dump all the U.S. government debt holdings at his $236.9 billion PIMCO Total Return fund could be defining, either confirming him as one of the smartest investors of his generation or badly tainting his reputation.
He may also be taking a political risk whatever the outcome by making an extreme call against the U.S. government because of its worsening budget deficit and debt problem, especially given the fund still owns debt issued by Brazil, Spain and other foreign governments.
But Gross - who helps oversee $1.1 trillion as co-chief investment officer at Pacific Investment Management Co. - is far from alone among the titans of the American bond world.
Even some of his fiercest rivals acknowledge that Gross, whose flagship fund has performed better than 93 percent of its intermediate investment-grade peers over the last three years, may have got it right.
"If you think rates are going to go up for a quite long time, which I do, you get ahead of that. Bill and I are on the same page," said Dan Fuss, vice chairman of the $150 billion Loomis Sayles & Co investment group, and perhaps Gross' biggest competitor in the bond market.
The U.S. budget deficit and soaring debt burden, together with the Federal Reserve's effective printing of money through its so-called Quantitative Easing bond buying program, are seen by Gross and Fuss as undermining the U.S. dollar and having an inflationary impact.
That in turn will undermine the value of government debt and push up yields as investors demand more compensation for risk.
"My guess is that rates will go up for a very long time with cyclical interruptions. Yes, we bond managers may buy opportunistically, but that doesn't change the underlying trend of higher rates," Fuss added.
"REASONABLE AND BALANCED"
The bearish bond fund managers have been buying inflation-proof assets such as emerging market stocks, bonds and currencies, and U.S. stocks exposed to commodities. The picks play on solid growth in countries such as Brazil and China.
For the complete article.
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Income Security Recommendation January 2013 Issue.
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