Here's your summary from Pimco's Cudzil Bullish on Bonds, Likes Securitized Products (https://www.youtube.com/watch?v=0068X5BFcWw) on the Bloomberg Television channel:

**TLDR:** Pimco's Cudzil is bullish on bonds and likes securitized products for their capital efficiency and potential returns.

1. Pimco uses derivatives to gain exposure to the S&P while investing in fixed income markets, particularly securitized products.

2. They believe in extending duration in the current market environment and find the belly of the yield curve most attractive.

3. Pimco is cautious on floating rate assets exposed to rollover risk and commercial real estate, particularly the office market.

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