The secret to reading Billionaire Gross’s monthly Investment Outlook is to skip the first three paragraphs — they are always embarrassingly goofy. Once he gets the silly Boomer thing out of his system, he usually makes some sensible observations worth reading, like this one:

What the last six months have shown us is that the U.S. economy and its asset markets are sensitive to 5¼% overnight rates and that asset prices are going down – first for those categories most sensitive to negative carry, and ultimately for those whose prices have been driven so high that 5¼% represents increasing competition: earnings yields on stocks at 5-6% for example or even those historical double-digit returns from the king of them all – private equity.