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The bond markets have seen rampant volatility in the last few weeks on back of the deteriorating economic situation in Greece. ‘Bond King' and Janus Capital Group Inc (NYSE: JNS) portfolio manager, Bill Gross, was on Bloomberg recently to share his views on Greece, the German Bund and talk about his treasury holdings.
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On what he has done with his portfolio in the last 6 weeks, Gross said, "Well, very bullish on treasuries in anticipation of a report like this and a slower economy, very bearish on German Bunds and so that's been my basic trade."
"I have perhaps what they call 3 to 4 years of duration in treasuries, meaning I own an average maturity of about 4 or 5 years of treasuries and I am short because that's what unconstrained funds do, I am short the German Bund and the spread is collapsing as we speak."
He continued, "Perhaps the Bunds aren't trading because their market isn't open, but that's the trade of the day, it's not trade of the century, but it's certainly the trade of the last few years to go long treasuries and to go short Bunds."
Greece Won't Leave The European Union
Gross was asked if he just assumes that Greece will be leaving the Europe (EU). He replied, "Those are tough odds it's sort of like saying Duke [Blue Devils] will win the final 4. I think Greece will stay in, I think there will be some resolution, but I don't think it serves the long-term structural problem of a disunited fiscal community versus a monetary community that wants coherence.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.