On a 1-10 scale for irrationality, US credit and high yield bond prices are probably a 6 and moving up.

The New Normal will "take you down" and lower expectations of future asset returns - maybe not "forever" but for a long, long time.

Different (and difficult) times call for different approaches to portfolio construction - in this thought piece, PIMCO's Bill Gross shares his views on tHiNkInG oUtSiDe ThE bOx about building portfolios...