From Zero Hedge:

Following the release of its November fund statistics, Pimco's Total Return Fund has once again reaffirmed it is betting on imminent quantitative easing (QE) by the Fed in the form of MBS monetization, a trend it started two months ago as we pointed out. And with a record $60 billion short cash position, or 25% of the entire fund $242 billion AUM, they better be right this time (he did the same thing in January-February... that did not work out too well).

It is amazing to consider that back in April, Bill Gross was long $90 billion in cash: a $150 billion swing! The TRF's 43% holdings of MBS is an increase of 5% compared to October, the most since December 2010, but still just half of the 86% held in February 2009 in expectations of MBS monetizations by the Fed as part of QE1.

Just as notable is...

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