Listings are lingering longer because demand has collapsed.
Fewer people are willing to pay a premium for living in the country's most expensive housing region.
The stock market has mistakenly given the benefit of the doubt to the Fed, Rebecca Patterson said.
Calpers, the biggest pension fund in the U.S., last reported a negative return in 2009.
The property, known as The Reserve, is located on a 2-acre private estate in the exclusive Holmby Hills neighborhood.
Investors should add commodities, inflation-indexed bonds and stocks of companies with solid cash flows, he said.
Pimco bond manager Mark Kiesel says the time to sell is once again at hand.
Investors should set aside cash and prepare to put money to work later this year, he said.
Johnson pioneered the sale of mutual funds directly to individual investors rather than through brokers.
The billionaire fund manager has long complained about taxes and quality of life in California.
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