Gross Doubles New York Bet as California Loses Lead – Bloomberg 12-27-12

Salient to Investors:

Bill Gross at Pimco has more than doubled holdings of municipal debt sold in New York to give his fund its biggest investment in local securities in 6 years.

Joe Deane at Pimco said New York’s pension system is one of the nation’s healthiest, with 94 percent of the assets needed to meet promises to current and future retirees in 2011, versus the median of 72 percent among states. Deane said retirement obligations are the single biggest difference in this industry from 10 years ago.

Read the full article at http://www.bloomberg.com/news/2012-12-27/gross-doubles-new-york-bet-as-california-loses-lead.html.

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