Bill Gross

摘要

What has the past few months and 2011 and 2008 reinforced over and over again? It simply suggested that there's lots of leverage out there, and that when you have a change in expectations, like we had with Fed tapering or the change in China's growth rate, this leverage can unwind rather quickly. In the past five years the unwinding has always been met by check writing by the central bank. What we've learned over the past three months is that this mother's milk of protection may not always be available, and it's up to the market to absorb its own leverage.