http://www.pimco.com/LeftNav/Featured+Market+Commentary/IO/2006/IO+November+2006.htm
A good article by Bill Gross, on "this time its different". Not in the sense that it's really different, but on economic reality that information travels much faster than the old days, and the narrowing of risk/return spreads. It's a very interesting proposal/investor outlook letter on how modern investment instutions must "scale up" good ideas in order to make excess returns in tandem with the double digit alphas of the past. A great essay, and a great perspective on perhaps why hedge-funds and private equity are proliferating, and why there might be a blow-up if enough people actually believe that leverage and scale is the answer (that tidbit on Ponzi finance).
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