Why Mohamed? Why? Read more »
Gross, speaking in an interview with Bloomberg Television’s Trish Regan today, said El-Erian’s departure is still a mystery for him and a disappointment for the firm, which manages the world’s biggest bond fund. “I would say, ‘Come on, Mohamed, tell us why’,” Gross said in the interview. [Bloomberg, earlier]
Three months ago, Bill Gross thought he knew himself. Thought he knew where his life was headed. Thought he knew how people saw him. He knew that each morning when he woke up he would feed the cats. He knew that he’d eat some eggs and kiss his sleeping wife good-bye. He knew he’d get in his convertible and drive over to the office using his knees to steer the wheel, leaving his hands free to munch on the Special K he’d packed for the ride. He knew he’d sit down at his desk at and work in total silence. He knew that at 9AM PST, he’d sweat things out on the recumbent bike. He knew he’d avoid speaking to employees, or asking how their kids were doing.
In reality, he knew nothing. Read more »
Investors pulled another $3.1 billion from Pimco’s flagship fund in March, the 11th straight month of outflows from the world’s largest bond fund, and its performance on the month lagged 95 percent of its peers due to a spate of wrong calls by long-time manager Bill Gross…Pimco spokesman Mark Porterfield said: “It’s important to compare a fund’s performance with its benchmark and not just with other mutual funds, which could hold riskier and higher-yielding assets. Total Return has outperformed its index for the past six months, two, five and 10 years.” [Reuters]
The good news: Bill Gross is taking baby steps toward being comfortable with employees looking him in the eye and one day might even be able to sustain an entire conversation in which no one averts their gaze. The less good news: performance year to date. Read more »
In Rival Exec’s Professional Opinion, The Time Has Come For Bill “American Thoroughbred” Gross To Be Sent To The Glue FactoryBy Bess Levin
As those of you who follow the news out of Newport Beach, California know, the past couple months have not been the best for Bill Gross. First, Pimco co-CEO Mohammed El-Erian announced that he would be parting ways with the bond giant. Then, the Wall Street Journal detailed his “What the fuck are you looking at” management style, in an article that also revealed Gross’s nickname for himself: Secretariat. Next, Reuters refused to print his theory that El-Erian had penned the Journal story himself, and instead made him not look great by quoting him as saying that El-Erian was waging a campaign to undermine him and that ME-E had Reuters “wrapped around his charming right finger.” Along the way, people have offered up suggestions re: how you solve a problem like Bill Gross, which have included not investing with him, slashing his $200 million/year salary, teaching him remedial strategies for acting like a sentient human being who would not admonish someone for daring to look him in the eye and, most recently, putting him out to pasture. Read more »