Stocks Hit a Five-Year High; Pimco Hails Abnormality - Businessweek

Stocks Hit a Five-Year High; Pimco Hails Abnormality - Businessweek: "Pimco co-Chief Executive Officer Mohamed El-Erian is almost ready to call an end to the New Normal.

I am constantly in awe of Pimco, the sovereign-like bond manager that runs the huge and prolific Total Return Fund, the world’s largest mutual fund. Part of the allure is that Bill Gross and El-Erian steer this nearly $300 billion supertanker out of a nondescript office building in the parking lot of one of California’s largest malls. But I struggle with whether Pimco’s oft-quoted New Normal prophecy of 2009 was ultimately more right or wrong."

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