Bill Gross

Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.

As England manager I always felt we needed an extra man in midfield to retain the ball, but that was more as an attacking ploy to help create opportunities. It came from my experience playing international football in a 4-4-2 and spending half my time chasing the ball.

I believe that the day one stops being spiritual, one ends up being religious. I live by the adage that the only certainty in life is death. We should, therefore, learn to live for the day and be content.