Ever since his Tweet about Portuguese debt haircuts apparently caused the country’s bond yields to spike, Bill Gross and his giant PIMCO bond fund’s Twitter feed has been a big must-follow.
His answer: artifice.
That is, there have been few fundamentals — “real growth and investment” — to support recent returns. Rather, he says, an “artificial” prosperity has been created via central banks that is similar to the “artificial” prosperity created by Bitcoin holders.
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