Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Inflation and the Crazy Crypto Markets - 23rd Oct 21
Easy PC Upgrades with Motherboard Combos - Overclockers UK Unboxing - MB, Memory and Ryzen 5600x CPU - 23rd Oct 21
Gold Mining Stocks Q3 2021 - 23rd Oct 21
Gold calmly continues cobbling its Handle, Miners lay in wait - 23rd Oct 21
US Economy Has Been in an Economic Depression Since 2008 - 22nd Oct 21
Extreme Ratios Point to Gold and Silver Price Readjustments - 22nd Oct 21
Bitcoin $100K or Ethereum $10K—which happens first? - 22nd Oct 21
This Isn’t Sci-Fi: How AI Is About To Disrupt This $11 Trillion Industry - 22nd Oct 21
Ravencoin RVN About to EXPLODE to NEW HIGHS! Last Chance to Buy Before it goes to the MOON! - 21st Oct 21
Stock Market Animal Spirits Returning - 21st Oct 21
Inflation Advances, and So Does Gold — Except That It Doesn’t - 21st Oct 21
Why A.I. Is About To Trigger The Next Great Medical Breakthrough - 21st Oct 21
Gold Price Slowly Going Nowhere - 20th Oct 21
Shocking Numbers Show Government Crowding Out Real Economy - 20th Oct 21
Crude Oil Is in the Fast Lane, But Where Is It Going? - 20th Oct 21
3 Tech Stocks That Could Change The World - 20th Oct 21
Best AI Tech Stocks ETF and Investment Trusts - 19th Oct 21
Gold Mining Stocks: Will Investors Dump the Laggards? - 19th Oct 21
The Most Exciting Medical Breakthrough Of The Decade? - 19th Oct 21
Prices Rising as New Dangers Point to Hard Assets - 19th Oct 21
It’s not just Copper; GYX indicated cyclical the whole time - 19th Oct 21
Chinese Tech Stocks CCP Paranoia, VIES - Variable Interest Entities - 19th Oct 21
Inflation Peaked Again, Right? - 19th Oct 21
Gold Stocks Bouncing Hard - 19th Oct 21
Stock Market New Intermediate Bottom Forming? - 19th Oct 21
Beware, Gold Bulls — That’s the Beginning of the End - 18th Oct 21
Gold Price Flag Suggests A Big Rally May Start Soon - 18th Oct 21
Inflation Or Deflation – End Result Is Still Depression - 18th Oct 21
A.I. Breakthrough Could Disrupt the $11 Trillion Medical Sector - 18th Oct 21
US Economy and Stock Market Addicted to Deficit Spending - 17th Oct 21
The Gold Price And Inflation - 17th Oct 21
Went Long the Crude Oil? Beware of the Headwinds Ahead… - 17th Oct 21
Watch These Next-gen Cloud Computing Stocks - 17th Oct 21
Overclockers UK Custom Built PC 1 YEAR Use Review Verdict - Does it Still Work? - 16th Oct 21
Altonville Mine Tours Maze at Alton Towers Scarefest 2021 - 16th Oct 21
How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
The Only way to Crush Inflation (not stocks) - 14th Oct 21
Why "Losses Are the Norm" in the Stock Market - 14th Oct 21
Sub Species Castle Maze at Alton Towers Scarefest 2021 - 14th Oct 21
Which Wallet is Best for Storing NFTs? - 14th Oct 21
Ailing UK Pound Has Global Effects - 14th Oct 21
How to Get 6 Years Life Out of Your Overclocked PC System, Optimum GPU, CPU and MB Performance - 13th Oct 21
The Demand Shock of 2022 - 12th Oct 21
4 Reasons Why NFTs Could Be The Future - 12th Oct 21
Crimex Silver: Murder Most Foul - 12th Oct 21
Bitcoin Rockets In Preparation For Liftoff To $100,000 - 12th Oct 21
INTEL Tech Stock to the MOON! INTC 2000 vs 2021 Market Bubble WARNING - 11th Oct 21
AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
Stock Market Wall of Worry Meets NFPs - 11th Oct 21
Stock Market Intermediate Correction Continues - 11th Oct 21
China / US Stock Markets Divergence - 10th Oct 21
Can US Save Taiwan From China? Taiwan Strait Naval Battle - PLA vs 7th Fleet War Game Simulation - 10th Oct 21
Gold Price Outlook: The Inflation Chasm Between Europe and the US - 10th Oct 21
US Real Estate ETFs React To Rising Housing Market Mortgage Interest Rates - 10th Oct 21
US China War over Taiwan Simulation 2021, Invasion Forecast - Who Will Win? - 9th Oct 21
When Will the Fed Taper? - 9th Oct 21
Dancing with Ghouls and Ghosts at Alton Towers Scarefest 2021 - 9th Oct 21
Stock Market FOMO Going into Crash Season - 8th Oct 21
Scan Computers - Custom Build PC 6 Months Later, Reliability, Issues, Quality of Tech Support Review - 8th Oct 21
Gold and Silver: Your Financial Main Battle Tanks - 8th Oct 21
How to handle the “Twin Crises” Evergrande and Debt Ceiling Threatening Stocks - 8th Oct 21
Why a Peak in US Home Prices May Be Approaching - 8th Oct 21
Alton Towers Scarefest is BACK! Post Pandemic Frights Begin, What it's Like to Enter Scarefest 2021 - 8th Oct 21
AJ Bell vs II Interactive Investor - Which Platform is Best for Buying US FAANG Stocks UK Investing - 7th Oct 21
Gold: Evergrande Investors' Savior - 7th Oct 21
Here's What Really Sets Interest Rates (Not Central Banks) - 7th Oct 21

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Bill Gross Promises to Give "Everything" Away

Stock-Markets / Social Issues May 12, 2015 - 03:13 PM GMT

By: Bloomberg

Stock-Markets

Bill Gross of Janus Capital sat down with Bloomberg Television's Erik Schatzker at his office in Newport Beach, California to discuss his new life, how he defines success and why he's giving away his multi-billion-dollar fortune.  On how much he's given away, Gross said: "I think to this point probably $600 million to $700 million."

Gross went on to say "We'll give everything that we have other than our home away to either philanthropic causes that I've talked about, or to the foundation." He said the amount he'll give away "is staggering, even to me."

On why he hasn’t talked more about his philanthropy, Gross said: "I guess Sue and I try and keep it quiet. We're not the--not that there's anything wrong with this,--but we're not the type to attend functions and parties and galas.  We like to work underneath so to speak.”


On leaving Pimco, Gross said: "I didn't like how I left, so to speak Pimco.  And I didn't care for the aspersions that somehow I might have lost my touch.  And I don't think I've lost my touch, I'm in this seven days a week, and 18 hours a day, believe it or not.  And that speaks to interest.  And hopefully the performance numbers speak to competence…One of the reasons that I'm still doing this, is just to prove that I still got it."

On whether he feels happy, Gross said: "I'm getting happier.  You know, four or five months ago was a low point. Everybody has low points. And I'm not suggesting that was the low of lows.  Having had the career I've had, my wife daily told me to get over. So hopefully I've done most of that."

SCHATZKER: Performance of the unconstrained bond fund has really been accelerating, and I figure that has to feel good, doesn't it?

GROSS: It feels wonderful.  You know, it-- one of the reasons-- that I'm still doing this, is just to prove that-- you know, I still got it.  You know, maybe like-- the-- you know, a 38 year old quarterback that-- still has an arm and can-- take us down to the Super Bowl.  So yeah, it feels great.

SCHATZKER: Who-- to whom do you need to prove anything?

GROSS: Well, that's my particular problem.  I understand intellectually that-- not many-- many people care-- whether I prove it or not prove it.  My wife does-- because she has to put up with me at night.  But-- it's an obsessive thing that has-- driven me and informed me and helped form PIMCO.  And when you get to be 71, Erik., you don't-- even though you can figure it out intellectually, you don't necessarily-- lose it.

SCHATZKER: 'Cause surely you must get that there are people who wonder why would Bill Gross, after building a track record as the most successful bond manager ever, be doing this?

GROSS: Well, I d-- I didn't like how I left, so to speak-- PIMCO.  And I didn't-- care for the-- aspersions that somehow I might have lost my touch.  And-- I don't think I've lost my touch, I-- I'm in this seven days a week, and-- 18 hours a day, believe it or not.  And-- that speaks to interest.  And-- and hopefully the-- the performance numbers speak to competence.

SCHATZKER: So all your investors care about is performance.  What about you?  How do you define success?

GROSS: Well, I define-- success-- differently now than five or ten years ago.  I mean-- you know, success-- in the early years was business-related, and asset growth related, and of course, you know, with family was related to how well your son or daughter was doin' on the soccer field, et cetera, et cetera.

You know, these days as the children-- children have grown and are doing their own thing, you know-- certainly still-- very-- very much connected with-- with their own successes, but-- but-- my wife Sue and I have-- have raised our family.  And-- and now success-- becomes a function of-- what we can do-- with the rest of the world outside-- you know, Irvine, to-- to-- to help others and-- and to prove that-- some of the prior success can-- blend into-- success for the future for others.

SCHATZKER: Like what, for example?

GROSS: We've-- connected (THROAT CLEAR) six or seven years ago with the University of-- California at Irvine with their stem cell research center.  We've recently-- connected with-- Duke University in terms of-- stem cell and Alzheimer's in-- in terms of-- what they're doing.

We're frequent-- developers I guess of-- of hospital and-- hospital foundations.  We've-- we've funded an emergency center in Laguna Beach.  One of these days-- I-- I probably will be-- a patient at it. 

So success-- these days, is, you know, still performance.  As I've indicated, I'm still obsessed with that.  But it's-- it's also extending-- the benefits to other parts of the world.

SCHATZKER: Why though, don't you talk more, or haven't you talked more about your philanthropy? 

GROSS: I guess Sue and I try and-- keep it quiet.  We're-- we're-- we're not the-- not that there's anything wrong with this, but-- we're not the type to attend functions and-- and parties and galas.  We-- we like to-- to work-- underneath so to speak.  If only because--

SCHATZKER: Quietly.

GROSS: Yeah, if-- if only to-- to be honest-- because we like to be in bed at 7:00 at night watching Jeopardy, as opposed to-- having some cocktails with people that we don't know.  So it-- it's quiet because we're quiet people.  You know, we-- we eat at-- a Mexican restaurant just down the corner.  It costs-- $15 total-- absent the margaritas.  You know, those are-- that's just the life that we pursue.

SCHATZKER: I'm gonna ask you what sounds like a crass question, (THROAT CLEAR) so forgive me.  But how much money have you given away?

GROSS: Well-- I-- I think to this point probably-- $600 million to $700 million.

SCHATZKER: Really?

GROSS: Yes.  And-- I think the Gross Family Foundation, of which-- our kids are a part-- three kids-- Jeff, Jen, and Nick-- you know, that that's the second largest-- philanthropic organization in-- c-- Orange County, I'd say Orange County.

SCHATZKER: Do you share the same goal that some other people share, or have, which is by the time it's all said and done with, I will have given it all away?

GROSS: You know, certainly in terms of the foundation.  I mentioned the foundation is a family foundation, and-- and so I have three kids.  They're between-- 26 and-- 42 years old.  And-- and so they'll continue the effort.  But-- yeah.  We'll give everything-- that we have other than our home-- away to-- either philanthropic causes that I've talked about, or to the foundation.

SCHATZKER: That ultimately will amount to billions of dollars.

GROSS: Yes.  Yes-- w-- which is staggering-- even to me.

SCHATZKER: Really?

GROSS: You know, it's really hard to sink in in terms of how much it is and-- what effect it could have-- there's-- a program that-- I'm lookin' into now along with Sue-- called Give Directly, in-- in which-- you can contribute a small amount or a large amount of money to-- to individuals in Uganda, in which-- money is transmitted directly to individuals via cell phone.  Most--

SCHATZKER: Mobile money.

GROSS: most Africans have cell phones, which is hard to believe, but mobile money.  And so if-- if you can-- do that and contribute $25 or $50 to-- someone in Uganda that, you know, of course, you haven't met-- you know, boy, I mean, that's almost as good as outperforming the market, from my standpoint.  (LAUGH)

SCHATZKER: Almost.  Tell me Bill, how is it that you have been able, I mean, over the course of amassing something of a personal fortune as we've just established, to remain-- modest, if you will?

GROSS: I give most of the credit to-- to Sue.  And we've been married for 31 years, and-- when I married her-- I admitted that-- she had a little bitta Newport Beach in her, but a lot over Mission Viejo, which-- which is-- a town about 35 miles south.  And just a middle class-- type of community.  As a matter of fact, we both grew up there.  And so, you know, Sue helps me be grounded.  She-- she counts-- every little penny and-- and that--

SCHATZKER: That's a lotta counting.  (LAUGH)

GROSS: I know, that's-- that's what I try to tell her.  In-- in terms of the philanthropy, I-- I keep tellin' her, I say, "We gotta get a move on here."  I'm 71, and-- she's a little bit less, actually-- five or six years less.  But-- yeah, it's a lotta counting and a lotta-- a lotta giving that has to take places b-- before at some point-- you know, you're not quite sure what you're-- what you're giving.

SCHATZKER: How are you gonna define success for yourself at Janus?

GROSS: I th-- I think by-- more by performance than by assets, although I would love the assets to grow.  When I came to Janus it wasn't with the intent of creating a PIMCO two.  You know, I recognized that-- you know, PIMCO one took 20 or 30 years, and that wasn't-- a realistic goal.  It didn't mean that I didn't wanna, you know, double assets every year like-- I did at PIMCO.

But it did mean-- to have a reasonable sense of organization and-- the future.  And so-- success for me-- will be defined by-- performance for-- existing clients.  And, you know, it's always been that way. 

SCHATZKER: If it's not gonna be as big as another PIMCO, how big would you like it to be?

GROSS: I-- I had no really-- idea on that.  You know, we-- we've got about $2 billion right now.  Somea that-- you know, thanks to George Soros, who-- who-- unbelievably-- called me two days after-- I left PIMCO and said, "Bill-- would you like to manage a half a billion dollars for me?"  And I said, "Yes sir."

SCHATZKER: Is there a point at which big becomes too big?

GROSS: I think so in terms of active management. It-- and this is not to diss PIMCO.  We know they have close to $2 trillion, and that's big.  You know, other institutions are big too.  I-- I would only say that it's easier-- with $2 billion to-- to-- to move money.  The liquidity is obviously better.  And-- it-- it's less onerous in terms of organization and decision-making, where you have to build a consensus and a consensual outlook in terms of what you wanna do.

That doesn't mean that-- you know, being here by yourself, so to speak, relative to PIMCO, is-- is the best of all worlds.  It's obviously good to get feedback and to get a counterargument.  But it-- it definitely is a situation here at-- Janus where I-- I can do things-- that I think will make money a lot quicker than in a larger frame.

SCHATZKER: Tell me more about that.  The-- the opportunities if you will, the benefit of being small, of managing, for the time being, single b-- digit billions as opposed to-- triple digit billions.

GROSS: Well, one of the problems at-- at-- at PIMCO to compare-- because that-- that's all I know-- is that whenever we did something-- either the press would-- would observe it at the end of the month, or the end of the quarter, or even in between.  Or certainly the market would know.  I mean, you can't do-- billions and billions of dollars of-- trades without-- word spreading fast. 

SCHATZKER: Kinda like wildfire, actually.

GROSS: I observed this early in-- in the 1970s, when the State of California was the big-- cheese.  Certainly in California, but probably in the country, and-- you know, every-- everyone was always asking, "What's the state doing?  What's the state doing?"  And you'd know pretty quickly.  And so it, you know, that's one of the disadvantages of being big is that word spreads quickly.  And it gives-- the market the opportunity to work against you, or to-- to-- anticipate-- going forward, yeah.

SCHATZKER: Do you feel less of a need to trade in derivatives now than you did previously, because of the fact that-- you're smaller?

GROSS: Actually more of a need.  Because of-- of how I've constructed the unconstrained-- fund and its philosophy. 

the unconstrained fund basically has-- takes all of its money in terms of cash, and invests in 12 to 18 month paper.  It yields 2%.  And then on top of that-- you-- you overlay your derivatives.  It's sorta like I s-- I see it in terms of a pie.  You know, the cash goes into the crust.

The crust yields 2%.  Hopefully it-- it tastes good.  But the-- filling, whether it's apple or berry or-- whatever-- is the derivative space.  And-- and so if you can overlay derivatives in a 2% to 3%-- type of levered way-- that can produce a 5% to 6% return, which is what-- the unconstrained fund is on target for for the first 12 months.  No results guaranteed. 

SCHATZKER: Unconstrained has become something of a dirty word in some quarters.  What does unconstrained mean to you?

GROSS: Well, unconstrained was a word-- four or five years ago that was really-- meant as-- a solution to the fact that-- that bonds were about to have a bear market.  Bonds have to had that bear market, but-- investors still wanted to say, "Hey, if-- if I'm going to buy something that's going to go down in price-- you know, I-- I need-- an-- a different alternative-- to duration space."

And so that's where unconstrained came from.  It says-- basically let's not emphasize duration so much, but let's talk about credit.  Let's talk about volatility.  Let's talk about liquidity and illiquidity, and see if you can-- in terms of that filling, in terms of the filling relative to the pie, if you can add-- 300 or 400 basis points with a relatively little risk. You know, let's not-- lose any money. 

SCHATZKER: How far are you prepared to go with the freedom that it offers you?  Would you, you know, how far up the risk curve is comfortable for you?

GROSS: Well-- well, the risk-- and-- and we can define that in a number of ways.  The-- I mean, the risk curve basically speaks to volatility and-- and the-- the downside, I guess, of prices.  And the upside.  But--

SCHATZKER: Well, you're talking about it in terms of capital structure, you know?

GROSS: Sure.  In the capital structure-- embellishes risk in those ways.  And when you combine, you know, that type of risk or duration risk or-- liquidity risk or volatility risk with, you know-- a levered concept, then you-- you have the potential of-- for-- a chem-- a chemical mix-- that can be explosive.

So, (THROAT CLEAR) you know, you've gotta contain the risk on-- on the side-- in terms of credit.  There-- there-- there's not a lotta junk in the unconstrained fund.  Very little.  There's not a lotta duration.  There's-- a lotta volatility, we just spoke to that.  So you gotta get somewhere.

And-- and on the other side, it's-- it's only levered two to three times.  And-- and how does that all come together?  Well-- you know, hopefully-- it comes together with-- a price volatility that-- is close to a low duration bond fund.  But not necessarily.

SCHATZKER: So we're never gonna see Bill Gross buying stocks.

GROSS: Oh-- (THROAT CLEAR) you know, the-- the unconstrained fund has some stocks in it.  There's some-- some-- pretty certain arbitrage situations that-- yield and don't-- don't jump outta your seat here, that yield 2% to 3%-- on an annual basis.  And they form parta the crust that I'm talkin' about, 2% to 3%, you know, with relatively little risk.  Fine.  But-- we're talkin' 5% to 6% to 7% of the portfolio.

SCHATZKER: What's the max that would ever become?

GROSS: Ten.  I'm-- I'm not-- I'm not turning this into an arbitrage-- type of fund.  You-- you know, only-- pretty much slam dunk deals and-- and keep it down.

SCHATZKER: I'm curious to know, now that I've learned this-- stocks in the unconstrained fund, how do you manage your personal money?  Clearly some of it-- I would imagine some of it is in the unconstrained fund.  Yes?

GROSS: Yes.

SCHATZKER: But not everything.  You don't put all the eggs in one basket?

GROSS: No.  And-- and that's been-- a well-publicized type of situation.  But I-- when I came here and when the unconstrained fund began, I-- I said-- you know, why not-- eat your own cooking?

SCHATZKER: It's called seed capital, right?

GROSS: Yeah.  And then the other side of me said, "Why would I pay my-- Janus-- (LAUGH) you know, (UNINTEL) basis points for-- what I could do on my own?"  Well-- well, the fact is that I can't really do all those things on my own.  I can't call up my broker and-- and-- and say-- you know, "Do this or do that."  He wouldn't understand what I'm talkin' about.

And-- and so-- you know, it just seemed like a natural situation in which I could-- should put some of the money in (THROAT CLEAR) the Janus unconstrained.  Now, the rest-- you know, and I-- I-- I manage-- you know, as well our-- our family foundation, which is-- sizeable.  A lot of that is in-- closed end fund territory.  Not necessarily liquid, but-- you know, in an environment in which interest rates are low.

And-- those closed end funds can lever-- to a certain extent.  You can-- you can get a 6% to 7% return, tax free, for instance in-- in a wide variety of closed end municipal funds.  Not without risk-- but-- you know, those are some of the vehicles that-- on a weekend, I'll-- I'll take out my Barron, so that-- hopefully that's not-- a nasty word here.  But-- I'll take out my Barron's and-- check 'em all out.  And I'll hook my Bloomberg screen while I'm watching, you know, the-- the playoffs or the-- hockey, basketball, whatever.  And-- and go to town finding-- some new, good ideas.  It's-- it sounds sorta boring, but-- but I really love it.

SCHATZKER: Is Bill Gross in private equity?

GROSS: No.  No--

SCHATZKER: No.  (UNINTEL) equity?

GROSS: I'm mildly.  And-- and-- and your old standards, your Procters and Johnsons and--

SCHATZKER: Blue chips.

GROSS: Yeah.

SCHATZKER: Before we finish-- there's something I'd like to know.  You seem happy.  Are you happy?

GROSS: Yeah.  I'm-- I'm getting happier.  You know, four or five months ago was-- was a low point.  Everybody has low points.  And--

SCHATZKER: It's the--

GROSS: I know.  And I'm not suggesting that that-- was the low of lows.  You know-- you know, having had the career I've had, you know-- my wife daily told me to get over.  And-- and so hopefully I've-- I've done most of that.  And-- yeah, and-- I'm happy to be with Sue and to-- to have a family that's healthy.

Every time we walk on the weekend, we say, "You know-- none of the kids have ever had-- broken bones or an accident or-- we've been really lucky."  And so yeah, it gets to a point where you-- if you're not happy-- you know, with that type of situation, you might as well, you know, pack it in.

SCHATZKER: How would you describe your quality of life right now?

GROSS: Well-- you know, I-- I would-- I-- I-- personally I would start with my health.  I-- I'm-- I'm healthy.  And so that's high quality for a 71 year old.  Many aren't.  You know, I'm-- the-- the quality of life from a standpoint of-- obviously the financial situation has been taken care of, and long ago.

You know, there was-- the-- an essay that I always try to remember.  And-- it goes that happiness is-- is-- a function of-- finding-- something to do-- someone to love, and something to hope for.  I've got something to do.  Certainly I have someone to love.  And-- and I've got-- something to hope for in terms of-- my family-- you know, the things we're doing with the foundation.  And-- and yes-- with performance going forward, so--

SCHATZKER: So long as you're still performing, so long as you're still proving to yourself that, in your words, you've still got it, will you keep doing this ad finitum-- ad infinitum?  Until whenever?

GROSS: Yes.  As long as I can stay healthy.  I-- I will say that-- that I do know, by common sense, that-- you know, the tension that comes with this job is not health-creating.  You know, sorta like being a pro football player.  At some point maybe that concussion that you got five years go just-- just--

SCHATZKER: Comes back to haunt you, yeah--

GROSS: Yeah, it come backs to haunt you.  So-- you know, as long as I can get up every morning and-- with a clear mind and-- and come into the office, and-- and have-- my-- fellow professionals not give me a clue that-- that I'm losin' it-- then-- then yeah, I'll-- I'll-- why would I want to-- do anything else?  I-- it's perfect.

**CREDIT: BLOOMBERG TELEVISION**

bloomberg.com

Copyright © 2015 Bloomberg - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Bloomberg Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in