The Monthly Bill and Paul Show at Pimco

It’s time for the latest monthly missives from Bill Gross and Paul McCulley at bond mega-firm Pimco. Both are interesting pieces, as usual, so give them a read:

I’ve written here many times about how smart I think the Pimco folks are — and McCulley’s piece in particular is very good — but do keep in mind how the firm has positioned itself in bank debt and related markets as you read. It doesn’t necessarily make their views wrong, of course, but I remain a proponent of temporary "pre-privatization".