The Big Interview: Paul McCulley

Pimco's portfolio manager talks to Dalia Fahmy about chasing yield in an expensive asset class, and what he's expecting will trigger the next market downturn


Pimco blinked too soon. Its flagship $102 billion Total Return Fund (PTTRX), the world's largest bond fund, has been lagging this year and last because Pimco managers have been worried about overvaluations in the corporate bond market.

Still, despite coming in around the 50th percentile compared with its peers over the past couple of years, the Total Return Fund maintains an impressive long-term track record, landing in the 3rd percentile over the past decade. Paul McCulley, a Pimco managing

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