Remember Neel Kashkari? He was Hank Paulson's "right hand boy" running the Troubled Asset Relief Program (TARP).
Well, he was hired by Pimco to run their fledgling equities division, where he says...
|You're not going to see us launch some plain, old U.S. large cap fund or just tell people to go buy the S&P 500 500," he revealed to the paper. Instead, the Pimco products will leverage the firm's abilities in currenices and macroeconomics to remiove volatility from portfolios based on well-researched stock picking.|
That awesome macroeconomic ability sure helped Bill Gross figure out the Treasury market earlier this year, didn't it? Remember their brilliant short bet and "who's gonna buy them now?"
I can't wait to see the performance of Kashkari's portfolio. His current macro view is that interest rates "can't go lower." I guess we can infer from that comment that he means stocks can only go up? Maybe someone should send him a chart of the Nikkei.
Another Goldman "genius" unleashed.