A week ago we brought you Elliott Management's summary opinion on US paper: "We Make This Recommendation To Our Friends: If You Own US Debt Sell It Now." Today, Bill Gross doubles down.
Gross: The #Fed is where bad bonds go to die. Today it was 10-years. Tomorrow 30-years. Stay short my friends.— PIMCO (@PIMCO) August 14, 2012
And the amusing thing, of course, is that the short bus brigade will, as usual, take this as an endorsement of stocks even as the bear flattener thesis develops.