Both from the standpoint of stocks and bonds, an investor wants to go where the growth is.

Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.

When growth is slower-than-expected, stocks go down. When inflation is higher-than-expected, bonds go down. When inflation is lower-than-expected, bonds go up.

I am obsessed with delivering value to investors and winning the game from a personal standpoint.

In terms of economic growth, PIMCO originated the famous phrase the 'new normal.'

CA isn't well positioned from a growth standpoint.