In this presentation, Christian Stracke, managing director at PIMCO, discusses the following topics: risk of policy exhaustion: being compensated for growing uncertainty; quality reigns in the new paradigm: focusing on structural seniority, strong fundamentals, or hard asset coverage; security selection: picking the winners and avoiding the losers in the capital structure and investing in industries and companies with strong pricing power and barriers to entry; and financials: a look at credit metrics, capital structure, regulation, and risks globally.