Things were
running a little behind, but Bill Gross got up and gave a talk that borrowed heavily from a recent Pimco Investment Outlook that he had written, comparing the current
market opportunities to Butler Creek (see paragraph 6), a creek that he grew up near
as a kid, which gently meandered, went kinda straight, kinda not, but didn't vary all that much when you looked at it
as a
whole, rather
than from a nearby point on the ground.