To me, I would much rather be part of a healthy industry than being the only player in a dead industry.
If you want to understand what's happening to the situation in a town in Afghanistan, go down to the market. Is it vibrant? Is it safe? That will tell you an enormous amount about the security situation.
There had to be a market in order for you to be successful in a business. The market had to need your business, or the product of it.
Now is always the hardest time to invest.
In terms of economic growth, PIMCO originated the famous phrase the 'new normal.'
I think it's a reflection of the music business in general, which to me seems very fragmented.
If the economy is bad, I might be bringing a lot of things in, but it's difficult to sell, and the opposite when the economy is good.
What is the right exchange rate at one point is not necessarily the right exchange rate at another.
