Bill Gross

“The U.S. is a hedge fund, basically. We have a lot of debt, and we have a lot of assets.”

“Finding the best person or the best organization to invest your money is one of the most important financial decisions you'll ever make.”

“The market can stay irrational longer than you can stay solvent.”

“Bond investors are the vampires of the investment world. They love decay, recession - anything that leads to low inflation and the protection of the real value of their loans.”

“High leverage is a treacherous beast. It can magnify your returns, but it can also magnify your losses.”

“The new normal will be characterized by lower returns, higher volatility, and a greater role for government.”

“The secret to investing is to figure out the value of something – and then pay a lot less.”

“You can't have a new normal on a permanently subsidized basis.”

“The ability to withstand pain is a key ingredient of investment success.”

“When the time comes to buy, you won't want to. It's the nature of the beast.”

“Do you really like a particular stock? Put 10% or so of your portfolio on it.”

“In a world of deleveraging, you have to be careful what you own.”

“Cash has become a viable asset class. For the first time in a long time.”

“The era of financial repression is here. Central banks are the ones doing the repressing.”