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Hoping To Get Rich? Bill Gross Has Some Bad News For You
If you want to get rich - either quickly or slowly - the Bond King (whose TRF lost a record $40+ billion in AUM last year) has some bad news: it ain't happening.
Gross: The age of getting rich quickly is over as is (most likely) the age of getting rich slowly.
— PIMCO (@PIMCO) January 12, 2014
There was no comment from Bill on what the future holds for those who may or may not want to get poor quickly (or slowly).
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What about getting rich carefully?
Ask Lyodd Blankfein, Jamie Dimon, Ben Bernanke, Hank Paulson, etc...... maybe they have another view and advice
Give Lexapro a try, Bill.
It's always a good market for one half of the trade. The question is: When is it (finally) going to be time to go short again?
The opportunity cost of 20 somethings and 30 somethings being forced to pay 200-300/mo into Obamacare is devastating. Figure the loss of savings and investments (or even lost consumption) over their productive years and it is a huge number.
Most of you will always be poor. They system is built like that. Any attempt to re-distribute wealth would be counter productive. Just ask the Soviets.
http://www.planbeconomics.com/2013/05/documentary-breaking-inequality-wh...
Human nature is like that. You will NEVER devise a system that is going to give equal results to all. Stop sounding like it is even possible.
The only thing we have to argue about is the fairness of the system where the top gets to decide winners and losers based on whim versus the market picking based on merit (we agree).
"Ask Lyodd Blankfein, Jamie Dimon, Ben Bernanke, Hank Paulson, etc...... maybe they have another view and advice"
They are already rich. Gross was taliking about getting rich.
Being born into money is the quickest way of them all. Their kids have it made, yet are simultaneously screwed by their wealth.
Fuck you Skeletor! I had to dump your fund from my 401k as it was the worst performing by a long way! So being part of your company right now will mean no one will ever get rich!
My boss (owner of small business that cares very much for its <10 employees) tells us once or twice a year to sign up for the non-taxed IRA, for which the company matches up to $1500 a year. A 1oz maple is worth more for my 'retirement' (lololo what a quaint concept) imo. I really find it obscene that all these retirement accounts and yada will get wiped out, and the people banking on seeing that money will never see it. :(
"it obscene that all these retirement accounts and yada will get wiped out, and the people banking on seeing that money will never see it."
And how much might the windfall tax on your Maple be when you take it out and use it?
You mean Mad Max's tax.
If you think anyone will still be working for .gov after the coming shitstorm I've
got a 401k in New York for sale if your interested.
I will only let go in dire need or desperation. When that time comes, I don't think I will care. Better to have something physical in my possession than digital fantasybux.
I think skateboards are wealth too - might as well start stacking decks and trucks and wheels and bearings (DCRB, represent). If you've never seen one used as a weapon, it's incredible. A friend of mine (R.I.P., bless his soul) once hit a sketchy Mexican dude on the head with a board when he was sold fake weed. He got expelled from school and shit (it happened in school), but the event was legendary and taught/reminded everyone that skateboards and skateboarders aren't something to fuck with.
Compound interest doesn't do much below 3%
Not true. It compounds your problems
Ah yes, that dreaded Hobgoblin, the windfall tax...
"You had the foresight and balls to evade the Empire's theft of your labor and it's destruction of your currency, so now we will just simply steal from you out right..."
No, I think not. In fact, I'm afraid I'm going to have to say absolutely not...
What about theft? Theft still works, right?
Are you in The Club?
Clubs are for pampered high-lifers who will drop a G on bottle service. He's obviously in The Bar.
Que up fifty.
Only if you're in the "club". If not, then you get prosecuted by Eric "the dick" Holder or his henchmen, and sent off to prison.
Just don't cause attention or rock the boat and you can steal all you want. You only have to fight with own moral code (if you have one). Agencies like the FBI have official changed their focus from law enforcement to national security. So have fun storming the castle.
As you wish.
I like the picture of them. The caption should read, "tough shit succers, we're already there."
What's "rich" these days ? .. the Theft via Cronyism !
We'll see who's still standing after the dollar collapse. People who are holding real wealth will be....wealthy.
I am trying to remove myself from "the system" as much as possible. My richness will come from more time with my family. Be simple. Repudiate the rat race. My compost pile is almost ready, garden begins in a month and a half. Starve the Beast.
Agree. Anyone with any gonads will get off the grid.
You should have read the report. Gonads are confiscated as the first step of the debt stabilization plan.
...and then everyone would go nuts!
i'll be here all week...tip your debt slave.
Starve the Beast.
Yes! Starve the Beast!
It used to be that the "victory garden" was commonplace. We seem to be reverting to some of those old practices from a less prosperous past.
Oh, idk about that. Maybe for cronies, but chaos can surely remove some of the barriers that keep the rich afloat and the ceilings that keep hard working, innovative people bottled up.
I'm rich already: I own silver and gold, have no debt, and have a clean conscious.
What Gross is basically saying is that we are all traveling on the Road to Serfdom. :(
Fucking Mother Fuckers !!!!...
WHEN IS EVERYONE GOING TO STORM THE BASTILLE!?!?!?!?
Count me..........out.
IN !!!!!!!!!!!!!11111
"WHEN IS EVERYONE GOING TO STORM THE BASTILLE!?!?!?!?"
Ask the Greeks. Ask the Spaniards. Ask the Italians.
The Bastille is clear over in England, dumbass.
Technically France, but I believe he was speaking metaphorically.
What Gross is basically saying is that we are all traveling on the Road to Serfdom.
Yes, and there is no exit for those who keep obeying.
there's a distinction between cash and capital, when the banks were undercapitalized after the 2008 crash, the Fed came in with cash. capital is assets, and all the phony collateral in the world won't generate capital. liquidity in notional fiat currency is not investment, though it has a way of draining off assets when the money supply begins to exceed the amount of capital, or collateral behind it. deflation has a way of creating real wealth, (wealth in the 1800s was land, cattle and gold) the government policy of the last hundred years has been to direct land ownership away from individuals and into corporations, who see their wealth depleted by stock issuance, cattle no longer matter, its a vegan world, but gold still counts and its personal and portable, and although government can effectively prevent land ownership, they will never be able to take your gold again. buy gold bitchez
Gold is money, it can only generate rent in a growing economy ... land generates rent regardless. Land was wealth, land is wealth, land will always be wealth ... it's just that you need to own government before you can own land, which brings us to the current course of events.
You don't own your land unless you have some in a property tax free jusrisdiction like the Cayman Islands.
in a property tax free jusrisdiction like the Cayman Islands.
I believe FIJI is also property-tax-free.
The cities (the're all small ones) are charging property tax now. Not yet in the countryside and outer islands.
Property taxes compounded at 7 to 10% per year will make most broke before you can collect SSI
Maybe thats the plan?
I find that the more money I have there is more time defending it. Go for the happiness derivatives.
Beer and blowjobs?
You would think these big shot CEO's would have something original to say.
Translation: Any money you have in paper assets will be lost or confiscated.
Depends on your definition of wealth.
0) Sanity.
1) Family and friends.
2) Food and water.
3) Tents and sleeping bags, backpacks, camping and survival gear,
4) Tools (no, not the bipedal kind as used in the modern rendition of the word).
5) Books.
6) Musical instruments.
7) Bicycles and skateboards.
8) Stuff of vice and indulgement (tobacco, pot, liquor, etc.)
9) PMs.
Donlt worry the Tribe Members circle is complete with Stanley Fisher. Forward Amerika, you are Israels bitch no matter what.
You lie sir, I saw on FOX can flip house for quick million as they always rise in value
Anyone else wish Bill would just shut his tweet hole, just like iCON?
Yeah, this article is bullshit
Yes; Bill and everyone else on bloody Twitter. Why does it exist?
For the narcissists who think everyone is hanging on their every tweet. And the wannabes who think if they follow their famous ass of the day, they'll be just like them.
You can always make billions by hiring Bernanke as you did by hiring Greenspan, Bill. Who says crime does not pay in the land of the free?
Alan Greenspan, the former Federal Reserve chairman, has helped Pacific Investment Management Co. make ``billions of dollars'' in his role as a consultant, said Bill Gross, the bond manager's co-chief investment officer.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a4oMb1upKEYY
Exactly.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/2795966/Fannie-Mae-and-Freddie-Mac-rescue-nets-1.7bn-for-Bill-Gross.html
Crime pays very well. It is a legit business in many cases, and all you belly achers should get serious, and look for government contracts. A friend of mine was a sub contrator on the Obama health web site setup. He went to one prebid briefing, knew it had to fail just from the quality of the briefing, so he underbid on a contract and asked for an advance so he could get going. The contractor was more than willing to get someone started and advanced a cool million. The Oregon site failed before his contract arrived but he was paid his advance, then hired to do a review of what he was not able to complete and why and write a report. Overall the payments were over 3mil and he is bidding on a follow-on piece of work and gets paid for preparing a bid since he is "experienced on the project". That is criminality and it pays very well and he made no or little taxable income once he hired a staff, purchased a car and a building to work from. This man will do well because he knows when and what to bid for.
The attitude of 'devil take the hindmost' may work for a while but what of it?
The selfish, self justifying attitude towards fraud and misanthropic enrichment are the seeds of the end.
Seems odd in a nation that's always asking God for approval and guidance such rampant immorality and lack of ethics now is the rule of all business transactions.
I have real friends and am thus rich in ways the bankerpigs will never know.
PSA: You are slaves. Beatings will continue until morale improves.
Sounds like someone needs a hug...
Translation:
"Get yourself mentally ready to be a peon, cause you already are."
The average working guy/gal is morally superior to the average politician.
If ever Joe Average figures that out, the system that enslaves him will crumble.
I see he's full of sunshine today...must be off his anti-depressants.
Meanwhile, he's perfectly content to suck 2-3% in fees until the muppets figure out it's just one big casino.
you can still do it. my daughter/soninlaw are teacher/ biz owner, and they'll be millionaires by age 50. not bill gross rich, tho.
I doubt that Gross hasn't heard of Bitcoin.
REALLY? http://seekingalpha.com/symbol/BLDP?source=search_general&s=bldp http://www.youtube.com/watch?v=x2KRpRMSu4g I remember cranking the song up full bore when the LA riots broke out actually...
Peter Schiff: Gold & Dollar - An Imaginary Recovery Does Not Create Real Jobs
Huge miss in Jobs numbers with only 74k created vs estimated well north of 200k can not be just dismissed as a blip in the data. Peter Schiff discusses that FED can not really Taper now, there is no real recovery and FED does not have the exit strategy. Gold is waking up to these developments. What if this data is the real state of the economy? Once people will realise how wrong is the expectation about the recovery Gold will go straight up. COMEX data shows that Gold shorts will be in trouble very soon.http://sufiy.blogspot.co.uk/2014/01/peter-schiff-gold-dollar-imaginary.h...
Hmmm, almost sounds contrarian. I say there's opportunity out there. But let me call my Uncle Jamie first, just to make sure, as I hear that his little company is long gold.
Sounds like Bill got burned on TWTR stocks
I've put my entire 401K on SD to win it all @ 30 to 1 .......I'm rich
Hoping to get rich? Actually... No. It isn't one of my life goals, and I feel sorry for anyone for whom it is.
Why I'm here is to prevent wankers in positions of power from appropriating 7% of my wealth and effort over and above what I am taxed on every year.
Thats the overall review from Market Pros on The Wolf of Wall St.
Another strong opinion is if he had not been so impatient he would be a billionare hedge fund person right now. I want to give up one of those Don King only in America cheers.
http://suspendeddisbeliefsteve.blogspot.ca/2014/01/wolf-of-wall-street.html
Within 6 years I'm going to be a trillionaire, yes a trillionaire. And you can, too!
poprzec RoBEN Hood'a
(and frau Jelen)
Pretending
that a country
that has its own food,
energy and lots of wealth
can't print money
to meet
its social security obligations
towards
the flower power generation...
THAT'S RICH
Bill 'completely' Gross.
A billionaire lamenting the little guy's lot, fuck off, you're as transparent as glass.
Another one who I look forward to seeing fail in the coming year and hopefully being disembowelled when the revolution comes in the US.
See, the thing is, as some Frenchmen realized a little over 300 years ago, is that when there is truly a wealth ceiling, it doesn't take much for the poorly paid police state that you hide behind to realize that risking their lives in protecting you isn't worth fighting off the mob that aiming to behead you and your family. The sad and simple truth is that his wealth and wealth in general in dependent upon a state monopoly on violence which is paid for by the more wealthy areas. If there is a concerted violent effort against the rich, do you think that a cop making $30k or National Guardsmen making $20k is going to put down a violent mob to protect some douche billionaire that made billions making bets with other people's money on a wholly arbitrary market?