読むべし・・・

読むべし・・・

ピムコのビル・グロースおじさん。

PIMCO, Investment outlook, Doo-Doo Economics

ん～タイトルが「ウンチ経済学」だもんね・・・これは読まないといけない。無視できない部分があるな。一部抜粋させてもらう。

省略

What is critical to recognize is that both California and the U.S., as well as numerous global lookalikes such as the U.K., Spain, and Eastern European invalids, are in a poor position to compete in a global economy where capitalism is morphing from its decades-long emphasis on finance and levered risk taking to a more conservative, regulated, production-oriented system advantaged by countries focusing on thrift and deferred gratification. The term “capitalism” itself speaks to “capital” – the accumulation of it and the eventual efficient employment of it – for growth in profits and real wages alike.

途中省略

Now that our financial system has been stabilized, one wonders whether California’s “Governator” and indeed the Obama Administration has the capital, the vision, and indeed the discipline of its citizenry to turn things around. Our future doggie bags can hold steak bones or doo-doo of an increasingly familiar smell. For now investors should be holding their noses, their risk orientation, as well as their blue bags, until proven otherwise. Specifically that continues to dictate a focus on high quality bonds and steady dividend paying stocks that can survive, if not thrive, in our journey to a “new normal” economy of slower growth, muted profit gains, and potential capital destruction via default, abrogation of property rights, and dollar devaluation.

私もそう思う。皆さんは？

そんなレポートを読みながら流れっぱなしのラジオで耳に残った曲。誰が歌っているのか気になった。



Whitney Houstoneだった。

こんな恋を演出したいです。

ビル・グロースおじさんのレポートとは何の関係も無い。