Reading the Bond Guru's August 2007 Investment Outlook, I'm forced to consider the psychological condition known as Stockholm Syndrome, whereby individuals in close proximity with those exerting power over them come to not only sympathize with but in some cases actively defend and endorse their captors.

Peppered with class warfare ("private equity and hedge fund managers.. aided and abetted.. at the expense of labor") and the politics of envy ("trust funds," "inheritances," "ego-rich donations" described as "egregious and wasteful"), one wonders: does years of contact with Treasury officials, central bankers, federal/state/municipal politicians, perhaps coupled with immersion in the detailed study of government statistics and the consideration of various parties' policies, inevitably lead one to an appreciation for, or embracing of, statism?

East Sider adds:

I think the Bond Guru is positioning himself to take Sage's spot as the "own man" cited by the press as promoting pernicious state activity despite seemingly capitalist credentials.

When I read the Bond Guru's article, I thought of my many track friends that bad-mouthed the sprinters. The sprinters were often headed for big bucks in the NFL. They were blessed with the right talent to make big money. You see the same thing with the old guys in three major sports complaining about the youngsters now getting the big dollars. These complainers think that they where in the "athletic" business. That they got paid for their competitiveness. What they miss is that they are in the entertainment business. Their game just is not as entertaining as the major sports games have become.

Russ Sears adds:

He thinks he is in the investment business, just like them. What Gross misses is he is in the risk-taking business. No doubt his is a good investor, perhaps better than the guys pulling down the bigger bucks. But he is not a good risk taker.

But what else it reminded me of was when I first married my wife. We would go visit some friends, farmer daughters. The farmer wife would join us staying up late, playing card or talking. While the farmer sat in the back of the house flipping channels to find the most depressing newscast available. As only tired but intoxicated with life young girls in front of a young guy can, they would giggles and laugh in such fits till the old farmer would yell, "stop that laughing out there! You girls are driving me crazy!" Then I would hear latter that the girls got a stern lecture on being so unproductive and frivolous. It was probably the most productive night of the month on that farm.

In short he forgot how to enjoy life, enjoyment’s infinite value, and forgotten how motivating that can be.

Ronald Weber writes: 

I believe one should just see him as a good salesman doing his job, in his case: selling bond funds! And for people to buy his funds he needs of course to spread negative news flows.

Actually, he does a pretty good job at sales; but somehow most of the investor’s community take him way too seriously as a "financial prophet"! I like to think of him as a good "dramatic" entertainer before Leno’s Tonight Show and after a noisy day from the "neo-comic" NBC/Bloomi/Analysts crowd! 


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