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PCI - A Victory Lap On 8.3%+ Yielding Market-Crushing PCI
PIMCO Dynamic Credit and Mortgage Income Fund of Beneficial Interest
Victory laps are tacky and tasteless, but in markets we seek returns rather than dignity, and superior returns only come with accountability. For this reason I must relitigate the bull case for Pimco Dynamic Credit and Mortgage Income Fund (PCI), explain why it has soared since I told investors to not stop buying PCI, and point out why the bears got this one so horribly wrong.
Let’s start by quantifying PCI’s total return since that bull call, and then we can discuss what PCI does and why the bears’ failure to understand