Anthony Crescenzi - The Strategic Bond Investor

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To my enchanting daughters, Brittany, Victoria, and Isabella. Each of you brings me immeasurable joy and purpose. Keep going!

To my granddaughter Emmy, who is a delightful gift to us all. Emmy, reach for the stars like NASAs Artemis and you are sure to go far. I will follow you along your wondrous journey.

To my brother and sisters, and to my parents, Anita and Joseph, for showing me the wonderment of life, love, and the power of dreams.

To Laura, for your unwavering and unparalleled unconditional love.

To all, who, in one way or another, are survivors, and who, despite obstacles and challenges, find ways to keep moving forward.

To my fellow Investment Committee members for each day teaching me something new to help us all be the best guardians of capital and stewards of the capital markets that we can be: Dan Ivascyn, our Group-CIO, Scott Mather, Marc Seidner, Mark Kiesel, Andrew Balls, Chris Dialynas, Joachim Fels, Qi Wang, Mohsen Fahmi, and Sudi Mariappa.

To Bill Gross, Mohamed El-Erian, and Steve Rodosky, for the chance of a lifetime to work for PIMCO, which I am immensely proud to be a part of.

Building Blocks and Warning Labels

Asset Diversification Does Not Equal Risk Diversification

The Powerful Role of the Federal Reserve and the Worlds Central Banks

The Bond Markets Crystal Ball

Why They Are Important to Understand

Tracking Market Sentiment to Forecast Market Behavior

An Essential Tool for a Bond Investor to Be a True Guardian of Capital

Reaching the Practical Limits of Debt Use

This Changes Everything, Including the World

B etween about 1347 and 1351, Europe was destroyed by the largest pandemic recorded in human history. It is commonly referred to as the Black Death. There is a long and glorious tradition of great medievalists, so we know a lot about the Black Death, and as well there are many contemporary reports. Suffice it to say that between 75 million and 200 million people died. We believe rodents coming from the dried-out grasslands of Asia to be the culprits that brought it to what is now Italy. Of course, the real cause is a bacterium called