Pimco’s Bill Gross updates his investment outlook for 2010, mixed with state-of-the-market summary: “There have been numerous changeups and curveballs in the financial markets over the past 15 months or so. Liquidation, reliquification, and the substituting of the government wallet for the invisible hand of the private sector describe the events from 30,000 feet….” As well as the state of global economies against a backdrop of public debt he calls the ring of fire, writing that “once a country’s public debt exceeds 90% of GDP, its economic growth rate slows by 1%.”:

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