October 2014
“Begin at the beginning," the King said, very gravely, "and go on till you come to the end: then stop.” Lewis Carroll, Alice in Wonderland In 1992, President Clinton’s adviser, James Carville, said that he wanted to be reincarnated as the bond market. Using more colourful language than we can publish here, he was expressing his view that in the earliest months of his Presidency, Clinton appeared to think bond markets were more important than taxes and even the Pope. But to many investors Bill Gross “the king of bonds” WAS the living embodiment of the bond market for four...
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