openpolitics.com

Bill Gross Thinks the End Is Near

You don’t need a degree in psychology to understand human nature. There was an old dude, Jesse Livermore, who wrote a great book that said the most important thing in investing was to know yourself — your weaknesses, your flaws and your strengths.

.. Do you think that this low-interest-rate environment has helped or hurt the economy? The savings side of the economy has been damaged. At 2 or 3 percent interest rates, there’s no way insurance companies and pension funds can justify their liabilities and guarantees going forward. Same thing with Mom and Dad and their expectations for education, retirement and so on.

.. What motivates you to keep doing this? I have an obsessive quality to me. When I left Pimco — or, put it this way, when Pimco left me — it was important to me to prove that they made a mistake.