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Bill Gross "Crying in his beer"..........
Old 08-30-2011, 11:57 AM   #1
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Bill Gross "Crying in his beer"..........

PIMCO says betting against debt was a mistake: report: Thomson Reuters Business News - MSN Money

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Old 08-30-2011, 12:02 PM   #2
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Yeah, I can understand the consternation from the standpoint of a fund manager who is managing the money of other people who may be impatient, but we don't know Gross was "wrong" -- at most, we can say he was (if nothing else) premature in his call. Who knows? Maybe in the next few months he'll be proven right. The question is -- how high can Treasuries go if the economy continues to stink (and make it harder for us to "grow" out of the deficit)?
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Old 08-30-2011, 12:59 PM   #3
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Saw him interviewed a few weeks ago and he was being very cautious with his comments then. This news today is another reminder of how difficult it is to predict the markets. These are really smart guys with lots of insight and still, they can get it wrong, big-time.
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Old 08-30-2011, 01:26 PM   #4
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I don't think it will hurt his FIRE plans..........

As I recall, Jeff Vinik took over for Peter Lynch at the Magellan Fund, and made an early call that cost him his job. Not to be down forever, he started a hedge fund, turned $2 billion into $5 billion, kept 20% of the gains for 5 years, then cashed everybody out. Not a bad recovery..........
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Old 08-30-2011, 02:35 PM   #5
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And just think - you could pay him 50-70 basis points above a low cost Vanguard fund to get this active management!
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Old 08-30-2011, 02:55 PM   #6
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And just think - you could pay him 50-70 basis points above a low cost Vanguard fund to get this active management!
Or buy it at NAV waived or institutional class in your 401K.......
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Old 08-30-2011, 06:16 PM   #7
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Ignore everything he says. Gross basically only talks his book.
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Old 08-30-2011, 08:37 PM   #8
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Think his track record is pretty decent. I wouldn't bet against his track record, and I wouldn't sell total return fund just because of this mistake. Too bad he can't fix his hair though.
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Old 08-31-2011, 12:37 AM   #9
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Ignore everything he says. Gross basically only talks his book.
Thats the way I see it, don't pay attention to what he says. But his fund track record is very good. Maybe a bad call here but I wish I had some of his funds all along.
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Old 08-31-2011, 04:48 AM   #10
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Pimco has a good track record. Their crystal ball may have been clouded... but they are active managers.... not the benchmark.

Still, he had to explain the difference in returns from the benchmark... as any manager would.

Equity and other markets are still rattled, the economy is extremely weak, we suffered a debt downgrade, rates are at historic lows (yet money is still pouring in for interest rates that are historically low)... can't be anything but fear to preserve capital.

Many of us are wrong... the conventional wisdom was... interest rates will probably rise soon since it looks like we might be on the road to recovery.

Right now, some of our problems are politically induced.... here and in Europe. Bernanke making his statement about rates was clearly an unusual event.
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Old 08-31-2011, 08:28 AM   #11
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Still, he had to explain the difference in returns from the benchmark... as any manager would.
I don't think he has to answer to anyone, he pretty much IS the boss......
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Old 08-31-2011, 08:59 AM   #12
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I don't think he has to answer to anyone, he pretty much IS the boss......


Yes.

When one is on top.... the only desire that supersedes getting bigger is not getting smaller.

And as long as his investors continue to have confidence in them, he will be the boss of a large organization instead of a smaller one.
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Old 08-31-2011, 10:22 AM   #13
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And as long as his investors continue to have confidence in them, he will be the boss of a large organization instead of a smaller one.
He is the head of research and manages $1.2 trillion for PIMCO. His track record speaks for himself. When you are referred to as the "Warren Buffett of bonds" that is probably not a terrible nickname..........
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Old 08-31-2011, 01:42 PM   #14
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The only thing I like about Gross is his mustache--and he shaved that off years ago.
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