Short Pimco

The greatest investor since the 70s was Bill Gross. Forget Mr. Buffett and read Gross's book and his monthly letter, he's the man and just as engaging as Mr. Buffett.

But as one man rode the biggest bull market ever, and that was the bond market, with everyone grabbing onto his bootstraps, the time to get off is now before getting trampled on.

Short investment grade bonds (LQD), bondholders are going to be taking some haircuts before redemption. And, again, if anyone has ever read Mr. Graham's book, he specifically asks why limit one's upside when the downside is potentially the same for both shareholders and stakeholders. When you buy an investment bond, you want a rock solid balance sheet that is understandable and not yielding too much over treasuries. The current distortions in price, financial reporting, and vagaries in the economy warrant purchasing for speculative (possibly investment) purposes companies with great business prospects when thing right themselves. And they will, just give it time.