He manages over 1 trillion Dollars and has consistently outperformed the markets over decades.
Here's the link:
http://www.pimco.com/Pages/OffWithOurHeads.aspx
Still, Mexican Pesos and Brazilian Real ? Honestly, I'd rather stick with gold, thank you very much !
Here is a quote from a very long term participant of the roundtable:
Finally, I have talked about gold many times. Structural trends are in place for a continued rise of public-sector debt in the industrialized countries, a continued monetization of debt and continued debasement of currencies, all of which are bullish long-term for gold. The price of gold has run up to an extreme point, and gold is technically vulnerable to a big shakeout this year, particularly if emerging markets tighten and lift real interest rates. But shakeouts will be followed by higher prices, and would just represent opportunities to buy. Gold could fall to $1,150 or $1,200 from $1,370 now. I would be a buyer at those levels.
How high is the upside?
Zulauf: Unlimited. What [Federal Reserve Chairman Ben] Bernanke is doing [buying up government debt to force down interest rates], others will do. The European Central Bank has tried to resist quantitative easing. It was the one major central bank that tried to sell part of the paper it bought on an emergency basis during the financial crisis. The first time it tried, it triggered the Greek crisis. The second time, it triggered the Irish crisis. Therefore, the ECB has to handle the European situation in a way that the weakest economies in the EU can survive. That forces it into monetary easing for a long time. That is bullish for gold. I don't know how high it can go, but I will give you a call when I think the run-up is over.
Do you like any gold stocks?
Zulauf: I am not a big fan of the stocks. The real costs for gold companies are rising about 15% a year. I would rather buy the physical stuff. There will be a time when the mining stocks outperform physical gold, but you have to time it.
Zulauf: Unlimited. What [Federal Reserve Chairman Ben] Bernanke is doing [buying up government debt to force down interest rates], others will do. The European Central Bank has tried to resist quantitative easing. It was the one major central bank that tried to sell part of the paper it bought on an emergency basis during the financial crisis. The first time it tried, it triggered the Greek crisis. The second time, it triggered the Irish crisis. Therefore, the ECB has to handle the European situation in a way that the weakest economies in the EU can survive. That forces it into monetary easing for a long time. That is bullish for gold. I don't know how high it can go, but I will give you a call when I think the run-up is over.
Do you like any gold stocks?
Zulauf: I am not a big fan of the stocks. The real costs for gold companies are rising about 15% a year. I would rather buy the physical stuff. There will be a time when the mining stocks outperform physical gold, but you have to time it.
Here's Marc Faber, another participant of the roundtable who has been there for as long as I can remember - 35 years ?
Faber: One more thing: Janet Yellen, vice chair of the Federal Reserve, said about a year ago that if it were possible to push interest rates into negative territory, she would vote for that. This is a very important statement because it implies that the Fed will keep interest rates negative as far as the eye can see. Negative real rates amount to expropriation and destroy one function of money: to be a store of value and a unit of account. If you measure the stock market not in dollars but gold, it is down 80% since 1999. I no longer regard the U.S. dollar as a valid unit of account. People shouldn't value their wealth in dollars because one day, in dollars, everyone will be a billionaire.
Faber: One more thing: Janet Yellen, vice chair of the Federal Reserve, said about a year ago that if it were possible to push interest rates into negative territory, she would vote for that. This is a very important statement because it implies that the Fed will keep interest rates negative as far as the eye can see. Negative real rates amount to expropriation and destroy one function of money: to be a store of value and a unit of account. If you measure the stock market not in dollars but gold, it is down 80% since 1999. I no longer regard the U.S. dollar as a valid unit of account. People shouldn't value their wealth in dollars because one day, in dollars, everyone will be a billionaire.
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