ECB Failure Ruins 'Short of a Lifetime'

In April, Bill Gross said betting on a decline in the value of German government debt offered the trade of a "lifetime."

Thus far, the strategy has failed to deliver anything like the stellar profits anticipated by Gross. But that says less about the market acumen of the world's best-known bond investor than it does about quantitative easing's failure to extinguish the threat of deflation in the euro zone.