Listen to economists whose surname start with R?
Bill Gross, in his latest investment outlook, cracked a joke that only economists whose surname start with R, like Roubini, Reinhart, Rogoff, or Rosenberg, understands the “New Normal” which Pimco coins up to explain the post-crisis situation facing the world .
But his underlying message was more important, that no matter how many stories you read about emerging economies booming, they are still not ready to pick up the mantle from debt-ridden developed economies. Therefore, investment returns will be paltry.
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