When Lee Thomas's plans to view an eclipse in Munich were
almost thwarted by heavy cloud cover, he simply hired a helicopter
to take him high enough to get a clear view. If only it were so
easy to see what was going to happen next in the bond markets,
Thomas's job would be as much of a pleasure as his favourite
pastime.
As global bond strategist at US fixed-income manager Pimco, which
has over $274 billion in assets under management, Thomas is only
too aware that the bond markets have not been a pretty sight
lately.
How they'll look over the coming months is a question that
occupies him each morning as he drives to work at Pimco's global
headquarters in Newport Beach, California. "I spend a lot of time
thinking about the macroeconomic situation and wondering whether
the economy will implode," he says. "What...
