Last November, shortly after he joined Janus Capital Group from Pimco, Bill Gross received a nice little vote of confidence from hedge fund manager George Soros, who threw Gross $500 million to play with at his new employer. Gross, in turn, reacted like he'd won the Nobel Prize, the Congressional Medal of Freedom, an Oscar, PowerBall, and the World Series MVP all at once, rather than the spare change fished out of Soros's couch.
Instead of acting like he'd been there before, like Soros's capital was just like anyone else's and like he wasn't breathing a deep, huge sigh of relief that the decision to join Janus hadn't completely blown up in his face, Gross took to Twitter to proclaim, "I & my team will manage your new unconstrained strategic acct. 24h/day. An honor to be chosen & an honor to be earned as well." (Presumably, he also sent Soros an email listing every conceivable and inconceivable way to reach him, including his cell phone number, pager, fax, garage code, and hand-drawn map of Gross's property, with a star marking the place where he'd leave a ladder propped up against the side of the house next to an open window in the master bedroom and explicit, underlined instructions to wake him, even if he was already wearing his dressing gown and sleeping mask and in a heavy REM cycle.)
So today's news has got to hurt.
George Soros’s firm has pulled its roughly $500 million investment with Bill Gross, less than a year after the billionaire investor gave the former bond king his stamp of approval, according to a person familiar with the matter and industry data.
While it's unclear at this time what caused Soros's change of heart, Gross's new page in the annals of investing history-- for biggest bond fund drop in one day-- may have had something to do with it. But you know what? No matter. It's not like Soros is special. In fact, George pulling his money is just an opportunity for an actual investing legend to replace him. Who wants in? Cohen? Cooperman? Buffett?