Pimco's Fels Sees End of 'Buy and Hold' Strategy

The video discusses the changing market environment, highlighting that the high returns and low volatility of the past decade are unlikely to continue. It emphasizes the need for active management due to high valuations and potential disruptions. The discussion also covers the limitations of quantitative easing and low yields in ensuring market outperformance, drawing lessons from Europe and Japan. Additionally, it addresses economic trends such as deglobalization and shifts from shareholder to stakeholder value, which may impact corporate profits and market returns.

What lessons can be learned from the experiences of Europe and Japan regarding low yields and risk assets?

In what ways might the shift from shareholder value to stakeholder value impact corporate earnings growth?