Something we’ve written a lot about around these parts it the “New HQ curse.”
Right around the time a company unveils a gleaming new HQ, the company then turns and does a swan dive.
The headquarters of PIMCO (home of the world’s largest bond fund) is probably the closest thing the bond market has to its own HQ, and now according to Bill McBride, the firm’s new gleaming building is just about done.
And of course it just so happens at a time when money is rushing into equities, and people are talking seriously about a “Great Rotation” out of bonds and into stocks.
McBride himself asks: “Does completion of the PIMCO building mark the top for bond prices?”
Photo: Calculated Risk