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BILL GROSS: Tight, Sleeveless Shirts Are Not Attractive
Perhaps it goes without saying. But Bill Gross said it.
The Bond God from Newport Beach has a growing laundry-list of clothing related analogies. He often refers to U.S. and U.K. bonds as the “cleanest dirty shirts.”
But when it comes to German bunds, Gross isn’t so kind.
He spoke with Bloomberg’s Erik Schatzker and Stephanie Ruehle:
I would be leery of German bunds simply because there are a few scenarios in which they can do well. If they will do well, if Germany leaves the zone and some way or another move back to the deutsche mark opposed to the euro and pay off obligations in euros and benefit because of it. Otherwise, increasingly, as we have seen over the weekend in terms of Greece, this kick the can environment adds liabilities to the German balance sheet day after day. They have what they call it a target 2 type of liability where they assume constant liabilities from Spain, Italy, and others as they move to the German Bundesbank. Increasingly, as the months move on, Germany becomes more and more liable for the euro balance sheet despite the possibility that Greece departs. Germany to me is a credit risk and certainly in terms of its tight shirt and shrinking shirt at the sleeves, is not an attractive market.
See the whole interview at Bloomberg.com.