Excerpts from Bill Gross' 

Investment Outlook of May 4, 2015

A Sense of An Ending

Here's the link to Bill Gross' investment outlook report of May 4. (Note added on Dec. 5, 2015: They moved the article. Here's another link.)

The following comments stood out for me.

1) "[S]uccessful, neither perma-bearish nor perma-bullish managers have spoken to a “sense of an ending” as well. Stanley Druckenmiller, George Soros, Ray Dalio, Jeremy Grantham, among others warn investors that our 35 year investment supercycle may be exhausted."

2) "Since capital gains have dominated historical returns, investment managers tend to focus on areas where capital gains seem most probable. They fail to consider that mildly levered income as opposed to capital gains will likely be the favored risk / reward alternative."

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