The World's Biggest Bond Fund Is Moving Aggressively Into Corporate Holdings

[Joanne98]

As we pointed out two weeks ago, PIMCO has been preparing for 2010 by selling out its legacy "safe" MBS and Treasury holdings, and shifting largely to cash. Furthermore, the recent hirings of corporate and distressed asset managers indicates that the traditionally Treasury heavy asset manager is set to become the world's biggest fixed income hedge fund, focusing on IG, high yield and distressed investments. As PIMCO is a critical manager in numerous government bailout programs, we can only hope that the firms' Newport Beach Chinese Walls are better at keeping secrets than the characters in assorted O.C. legacy "reality" shows. The below presentation by PIMCO's Mark Kiesel indicates why PIMCO will soon be one of the primary actors in future official creditor committees in the upcoming wave of corporate bankruptcies (yes, shockingly assets do have to create cashflows for companies to avoid bankruptcy).

Continued>>>>
http://www.zerohedge.com/article/worlds-biggest-bond-fund-moving-aggressively-corporate-holdings-away-government-insured-risk

[dkf]

1. Upcoming wave of corporate bankruptcies?

Wait a minute. I thought we were celebrating the recovery?

I swear some poster was celebrating Obama's brilliant saving of the economy just a few posts ago.

[mahatmakanejeeves]

2. Bill Gross

Anybody who owned a block of Inverted Jennies is OK in my book.

William H. Gross

Inverted Jennies

Hmmm. Perhaps, despite the cold, I shall wander over to the Postal Museum one of these days to gaze upon this wonderful sight.

[HillbillyBob]

3. I was broke for the last 25 years thanks to runnyraygun politics

and the drizzlin shits economics..why would I give a damn if the corpses go tits up now?
We have managed to get a little place where we can grow food and guns to try to protect ourselves.
I have been politically involved for years trying to push to see some fairness.

I won't go into all the insults about the freaking wars on the middle east, i was called anti American, doom and gloom when I said BEFORE * was selected, I predicted that we would be going to war for oil. After 911 i was called unpatriotic when I said that making war is only going to make more people pissed off at us and make even more terrorists. American Corpses have been raping folks and their resources for a couple of centuries now starting with the 'China trade' in the 17/18 centuries when the now old money families were shipping opium into China...things have a tendency to come back now we are upset with several other countries in Latin America for bringing in drugs..and if you look closer you will see that Americans and American owned companies have been behind it, along with a few alphabet agencies toppling democracies etc.

Maybe the best thing would be the total failure of the corpses.
God knows their officers deserve to be homeless and without adequate clothes, I have been there 3 times, and pretty much broke the rest of the time. Before anyone asks I had my own business(spent too much time trying to collect what was owned from wealthier customers the poorer ones paid on time for my work) worked 2 and 3 jobs only to get screwed over repeatedly.
I made a few bad choices but got screwed out of what was owed me many more times.

So if you want to call me unAmerican fine, because this is not the
America I was raised to believe in, it's like some bizzaro world rip off.
End of rant.