????享有盛譽(yù)的債券基金經(jīng)理比爾?格羅斯加盟駿利資本（Janus Capital）后發(fā)布的第一份投資分析報(bào)告，呈現(xiàn)出非常悲觀的基調(diào)。他的研究報(bào)告一直以荒誕不經(jīng)的評(píng)論和樂(lè)觀的建議著稱(chēng)，但上周四出爐的這份報(bào)告卻讓人黯然神傷。

????“我給出以下飽含嚴(yán)厲之愛(ài)的建議——它們有些類(lèi)似我在最近幾周獲得的忠告：金融時(shí)代翻開(kāi)新篇章，”格羅斯寫(xiě)道，“接受它并據(jù)此調(diào)整你的行為，那么你的未來(lái)就將是安全而有保障的，你可以期待更美好的明天?！?/p>

????投資者不能再指望有兩位數(shù)增長(zhǎng)的日子了，格羅斯預(yù)計(jì)債券收益率充其量也就不過(guò)是接近3%至4%的樣子，股票收益率大約為5%至6%。盡管前景黯淡，但格羅斯承諾，在他的領(lǐng)導(dǎo)下，投資將“一帆風(fēng)順”。

????這些評(píng)論是周四格羅斯與駿利資本CEO理查德?威爾一同參加網(wǎng)絡(luò)發(fā)布會(huì)時(shí)，基于他為駿利資本全球無(wú)限制債券基金(Janus Global Unconstrained Bond)投資者撰寫(xiě)的首份報(bào)告而進(jìn)行的延伸闡述，該報(bào)告在網(wǎng)絡(luò)發(fā)布會(huì)后不久即發(fā)布。

????格羅斯一改以往研究報(bào)告只談市場(chǎng)的風(fēng)格，他還談?wù)撈鹆私诖偈顾x開(kāi)自己創(chuàng)立的太平洋投資管理公司（Pimco）、加盟駿利資本的一些感受。

????“我本會(huì)在那兒終老一生，” 他寫(xiě)道，“但慢慢地，在極度的猶豫中，我逐漸明白，到了離開(kāi)的時(shí)候了?！?/p>

????積極的一面是，這一改變可以讓格羅斯更全力投身于投資策略，減少管理職責(zé)，近幾年有關(guān)其管理風(fēng)格的負(fù)面報(bào)道持續(xù)增加。

????格羅斯突然離開(kāi)太平洋投資管理公司令債券投資界震驚，并導(dǎo)致資金大幅流出太平洋投資旗下基金，轉(zhuǎn)入其他基金。

????晨星公司（Morningstar）發(fā)布的數(shù)據(jù)顯示，格羅斯此前管理的太平洋總回報(bào)基金(Pimco Total Return)上個(gè)月流出資金近235億美元，而他目前管理的駿利資本新基金則流入6,640萬(wàn)美元。其他基金也得益于這一人事變動(dòng)——Metropolitan West總回報(bào)基金是早期受益者之一，上個(gè)月流入資金15億美元。

????相比格羅斯以前管理的規(guī)模一度超過(guò)2,000億美元的巨型基金，駿利資本全球無(wú)限制債券基金仍“非常小” 。但格羅斯很樂(lè)觀。

????“這留出了巨大空間，我們可以實(shí)施很多新策略，抓住很多新機(jī)會(huì)，為我的新客戶(hù)提供（并希望持續(xù)提供）卓越回報(bào)，”他寫(xiě)道。（財(cái)富中文網(wǎng)）

????譯者：早稻米

????Bill Gross, the renowned bond fund manger, struck a pessimistic chord in his first note to investors at his new gig at Janus Capital. His notes, usually full of silly commentary and upbeat advice, took a darker turn Thursday.

????“I have the following tough love advice–somewhat resembling the counsel given to me in recent weeks: there is a new financial era,” wrote Gross. “Accept it and modify your behavior accordingly, so that your future is safe, secure, and you look forward to a brighter tomorrow.”

????Investors can no longer count on the days of double-digit growth, Gross expects bond yields closer to 3% to 4% at best and stock gains of 5% to 6%. Despite the gloomy outlook, Gross promised there would be “smooth sailing” under his leadership.

????His added commentary came when he appeared Thursday in a webcast with Janus CEO Richard Weil, expanding on his introductory note to Janus Global Unconstrained Bond fund investors that was released shortly after the presentation.

????His remarks veered from the market-only focus of his typical notes to reflecting on recent events that led him to leave Pimco, the firm he founded, and join Janus JNS -3.92% .

????“I would have stayed to my last breath,” he wrote. “But slowly and with great hesitation, I came to understand that it was time for me to leave.”

????The change, on the positive side, allows Gross to focus more wholly on the investment strategy and less on executive duties, which had been an issue in recent years as negative headlines proliferated concerning his management style.

????Gross’ hasty exit from Pimco shook up the bond world, sending money bleeding out of Pimco funds and into other ones.

????Gross’ former Pimco Total Return fund saw nearly $23.5 billion in outflows last month, while his new Janus fund brought in $66.4 million over that same time period, according to Morningstar. Other funds also benefited from the shake up–Metropolitan West Total Return Fund was one of the early winners with $1.5 billion of in-flows last month.

????The Janus Global Unconstrained Bond fund still remains “tiny” compared to Gross’ former fund, which was worth over $200 billion at one point. But, Gross takes an optimistic tone.

????“That opens the door to a lot of new strategies and opportunities to generate outperformance for my new (and hopefully man continuing) clients,” he wrote.