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Piede to say we're in Newport Beach, California at Pimco's global headquarters and alongside

me is the CEO, Manny Roman and the CIO Dan Iverson.

Guys, great to catch up with you both. What a day to be speaking about the global bond market.

I actually want to begin though in Q4 2018. The equity market's

cratering. The credit market arguably is seizing up and pretty much every single

one of the major funds here at Pimco delivers positive returns. How do we arrive at that moment,

Manney? Well, I would say that it's the occasion to shine. We get tested and we get tested in difficult markets and we had a view thanks to Dan on

value and what the right position was to have before Q4.

I wouldn't say we saw that coming, but proper risk management and

proper liquidity made us avoid the problem. And we're quite pleased about the result in

Q4.

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