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Bill Gross: The 40 year credit party is over

"We weren't as smart as we looked"

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Decades of epic returns caused
by credit expansion and debt - And it's over

It was a dart board market.

Throw a dart at anything and odds were it was going to go up.

Here, one of the world's most respected bond investors in the world tells it like it is.

The party's over.

A rising tide lifts all boats and a falling tide takes all but the wisest back down.