In what has so far been a strange day, in which one headline by an “anonymous diplomatic source” and unconfirmed by the Russian energy ministry has pushed stocks from red on the day back to highs for the year, the latest surprise came from Bill Gross who moments ago broke into a “tweetstorm” to lay out what he see as the latest set of investor delusions.
Gross: (1 of 5) Investor delusions that one day will be exposed to fresh air: #1) China is growing at 6% / yr;
— Janus Capital (@JanusCapital) April 12, 2016
Gross: (2 of 5) #2) Central bank historical models are reliable, Negative yields will work;
— Janus Capital (@JanusCapital) April 12, 2016
Gross: (3 or 5) #3) Corporate EPS growth is internal as opposed to “buy-back” generated;
— Janus Capital (@JanusCapital) April 12, 2016
Gross: (4 of 5) #4) Future corporate tax revisions will increase productivity instead of corporate profits;
— Janus Capital (@JanusCapital) April 12, 2016
Gross: (5 of 5) #5) Demographics don’t matter because they move too slowly.
— Janus Capital (@JanusCapital) April 12, 2016
The market’s response: clinging on to day’s highs as the “delusions” are happy to persist.
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