Bill's commentaries are always worth a read and this one is no exception. (click here to read) For the full content archive at PIMCO click here. I was fortunate to spend some time at PIMCO recently and truly consider them an outstanding company. If you can believe if they manage $1 trillion in assets as of DEC 2009. Yes, $1 trillion. For that reason alone if you are an investor you want to know what they are thinking.