Bloomberg News

Gross Says Age of Credit Expansion Led Portfolio Returns is Over

September 05, 2012

Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said the age of credit expansion which led to “double-digit” portfolio returns is over.

Instead, investors face an “age of inflation, which typically provides a headwind, not a tailwind, to securities prices -- both stocks and bonds,” Gross said in his monthly investment outlook posted on the Newport Beach, California-based company’s website today.

To contact the editor responsible for this story: Dave Liedtka at

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