Forget about bulls and bears. Bulls are virtually extinct in this sorry-looking market anyway. What you need to look out for are zebras and lions. More specifically, any zebra in its right mind should watch out for preying lions around the next corner.
This is Bill Gross of Pimco’s latest thesis on the role of hedge funds in the corporate bond markets. In short, hedge funds (the lions) prey on companies weakened by bad news (a herd’s weakest and slowest zebras) by shorting their bonds.
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