Bill Gross at Pimco: “The cult of equity is dying.” Sounds like something a guru would say as equity markets navigate the second half of a secular bear market. Meanwhile, Asian Millionaires Take Charge of Own Wealth in a interesting piece at Bloomberg. Add another hedge fund titan scaling back in today’s markets (NY Times).
Rail Traffic Pushes To Year’s Highest Level at Value Plays. Rail and port securities should be derivative play on our coal rebound discussion.
Excesses of the “housing boom” have been largely eliminated at Sober Look.