Here is what he said:
In the near term corporate profits will stay strong but PIMCO is watching the global slowdown very closely because that will determine the future course for corporate profits. He thinks that cost of labor will stay low (bad job market), corporate taxes should stay low and these factors will keep the corproate margins strong in the near term.
He said PIMCO is not forecasting a global recession neither they are forecasting a US recession they are forecasting a slow global muddle through economy
He is investing in companies who are a bit more shielded from this coming global slowdown. Companies which will still do well even when consumer is pinching pennies. Companies like Walmart (WMT), Spirit Airlines (SAVE), Merck (MRK)
Here is the video: