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It's a long one building on his resources research.

Accompanying it is a short letter from Ben Inker, now officially in charge of GMO's asset management. He estimates the drawdowns on stocks in the event of further European stress or of an outright disaster scenario there.

Bill Gross's outlook is up today, too, at PIMCO, and getting some press as a 'death of equities' piece. He's just continuing his recent theme of diminished returns for the next few years or even decades.

His outlook is now available as a podcast at I-tunes.

NYTimes magazine had a profile of El-Erian, which would mostly be interesting to fans, I guess. He makes 100 million at year. Bill Gross gets twice that. Amazing.
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