Thursday, September 4, 2008

Bill Gross - Buyer Stike

Man what a day. I'll post on that later.

Interesting stuff out of Bill Gross today. He basically joined the likes of Robert Rodriguez and Jeremy Grantham in a self ascribed buyers strike.

First you have a video of Bill Gross interview.

Second is a video of Cramer with an analysis of what Bill Gross said. For once he is not totally exaggerating. This is big out of Bill Gross.

Pimco’s legendary bond investor Bill Gross said during “Street Signs” Thursday that his firm would be staying out of any and all bank offerings for the foreseeable future.

This is the letter today

The big statement or atomic bomb in this letter:

Over $400 billion in bank- and finance-related capital has been raised during the past year, a decent amount of it, by the way, having been bought by yours truly and my associates at PIMCO. Too bad for us and for everyone else who bought too soon. There are few of these deals now priced at par or above, which is bondspeak for “they are all underwater.” We, as well as our SWF and central bank counterparts, are reluctant to make additional commitments.

What he said here combined with the interview on CNBC are monumental statements.

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