Dan Fuss of Loomis Sayles has 146 Billion under management. According to the Weekend WSJ (the best thing to happen to Saturday morning since Quisp), Fuss' overseas clients are already nervous and a bit shocked by US debt intransigence.
Mr. Fuss is a "Bond Man" to his core. He is adjusting his holdings. Heavily in corporates, he has taken his average maturity to 9.5 years from 10.5 this year. (Per the WSJ interview) That may not sound like much when "other" more visible managers are being more vocal. I thought I saw the Goodyear Blimp over The Preakness Stakes with the message: We're Short. Maybe it was a dream. To put the adjustment in perspective, the elderly and always congenial Mr. Fuss said this,
"This is the biggest strategic shift in 30 years." Hmm, 30years ago?...wonder what he thought of bonds then? Oh ya, he was buying.