Is Bill Gross on drugs?
We’ve wondered for some time (based on his monthly outlooks) if the bond chief is losing his mind as a result of old age; slipping a step on the approaching road to age 70. But based on his latest missive, maybe a new, drug-related theory presents itself.
“Strawberry Fields–Forever?” is the title of his December piece, posted to PIMCO’s website, which borrows heavily from The Beatles’ classic. In it, he offers his investing Picks and Pans, which seem chosen with a sober mind, and yet also performs a postmortem of sorts on the latest election, intertwined with Lennon’s sleepy lyrics, which seems delivered with a state of mind much altered.
“Rather than an economic mandate, November’s election was more of social commentary on the Republicans’ habit of living with eyes closed,” Gross begins, referencing the song.
Whoever succeeds President Obama, the next four years will likely face structural economic headwinds that will frustrate the American public, he argues.
“’Happy days are here again’ was the refrain of FDR in the Depression, but the theme song from 2012 and beyond may more closely resemble “Strawberry Fields Forever,” as Lennon laments ‘It’s getting hard to be someone but it all works out.’”
Why is it so hard to be someone these days, to pay for college, get a good-paying job and retire comfortably, Gross asks rhetorically.
“That really was the economic question of the 2012 election towards which very few specifics were applied from either side.”