The New Normal: “Half-sized Asset Returns”

“Capitalism, I would assert, thrives on more, more, and more, but not so well when there is less or an expectation of less. This is not the Malthusian thesis, which maintained that at some point the world would run out of food to satisfy a growing population; it is an assertion that capitalism depends upon final demand and that if there ever comes a time when population growth slows, then the world’s most efficient economic system will be tested. If anything, my thesis is anti-Malthusian in its assertion that there will always be enough production to satisfy a growing population, but perhaps not enough new people to sustain growing production.”
Bill Gross manages PIMCO’s gigantical bond fund. This excerpt is from his August client letter.

Mark Twain’s autobiography

“ ‘From the first, second, third and fourth editions all sound and sane expressions of opinion must be left out,’ Twain instructed them in 1906. ‘There may be a market for that kind of wares a century from now. There is no hurry. Wait and see.’

“Twain’s decree will be put to the test when the University of California Press publishes the first of three volumes of the 500,000-word Autobiography of Mark Twain in November. Twain dictated most of it to a stenographer in the four years before his death at 74 on April 21, 1910. He argued that speaking his recollections and opinions, rather than writing them down, allowed him to adopt a more natural, colloquial and frank tone, and Twain scholars who have seen the manuscript agree.”
Larry Rohter reporting on Mark Twain’s Unexpurgated Autobiography (coming this November)

H/T John Lilly