Buffett said on the tube this morning that two of the smartest people he knew were Gross and Munger. But what does he know?
Actually, the market is RIGHT and Mr. Gross either has little understanding of what is really going outside his sheltered life or has alterior motives for his statements. States & towns are broke as the people are broke. These municipal bonds have no way of being paid off without issuing more debt. It will only get worse, as wages will not grow, job creation is near non-existent while the corporations are squeezing the labor force for everything they have. If you look up the financial situation of United states on a local viewpoint, it's a grim picture. And there has been a clear pattern to the downside.
both of those guys forgot more about investing than most ppl on here. gross was almost spot on about how this bust would play out. zell made a killing on eop, getting out at the top