Why Stocks Are Dead (And Bonds Are Deader)

The future according to two of the financial world's top oracles--and what we can do about it

Gregg Segal for TIME

PIMCO's Mohamed El-Erian and Bill Gross.

Correction Appended: Nov. 16, 2012

Newport beach, Calif., is an unlikely headquarters for the world's foremost bond traders. Its placid harbor is filled with pleasure boats, its beaches with surfers enjoying the waves. You won't find wildly gesticulating traders or bosses in pinstripe suits like on Wall Street. PIMCO's traders look more like diligent graduate students who've taken to the library despite the sparkling sunshine. They sit in academic quiet, collecting rays from their triple-screened Bloomberg terminals in a long room lined with awards and books on investing and economic theory, some of which they've authored. Staffers are encouraged to publish their...

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