PIMCO's Bill Gross on Where We Go from Here

A tough road ahead, but at least a break in the weather.

Eric Jacobson 16 October, 2008 | 5:10PM
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In a market like this, with events unfolding so fast that the morning news can easily grow stale by noon, the thoughts of market experts don't remain salient for long. Fortunately, though, the few conversations we've had with PIMCO co-chief investment officer Bill Gross over the past couple of weeks have remained relevant through the turmoil and have even proven somewhat prescient. (Gross also manages the firm's flagship PIMCO Total Return fund).

Gross was encouraged that the passage of the Treasury Department's proposed $700 billion Troubled Asset Relief Program would pay off in a few ways. In particular, he was and remains confident that the acquisition of troubled mortgages by the United States government will ultimately produce profits. As long as the government picks them up at th

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Eric Jacobson  is director of fixed-income research with Morningstar.