YouSaid · the spoken record

Bill Gross

lines on the record: 94
first: 2022-04-01
most recent: 2022-04-01
sittings or episodes: 1
sources: podcast

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“Joining the crowd works for a while until it doesn't. And how do you measure it? Well, you can measure it with 200 moving day averages, with Bollinger bands, with lots of different things, but it's statistically an alpha generator in addition to several other things that I discovered before that. So I'd say I should have been more appreciative of momentum, not that Demco with its secular forecast wasn't really doing the same thing and following momentum downward in terms of interest rates and upward in terms of bond prices. But I follow momentum today. It's important.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Find a stock that goes up, buy it. And if it goes down, don't buy it. Because momentum is a very powerful force that I learned, you know, sort of in the last 10 or 15 years of managing money. It's an alpha generator. It's statistically proven to be an alpha generator. You can turn against you like in the last few months when momentum, upward momentum turns negative and it turns into downward momentum. They do what has been successful before and it continues until it doesn't. And so I think that's what I was always skeptical of. I was always skeptical of people that followed momentum because I thought that was just joining the crowd.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know what? I think it is, Barry. I think there was an old saw from Will Rogers, the old journalist in the 30s, and he said a lot of funny things, sort of like Yogi Bera. He was known for funny quips and funny comments. And I remember him saying about the stock market, he said, if you have a stock that goes up by it and he goes, if it doesn't go up, don't buy it. And I thought that was really funny and I didn't, I think he thought it was funny too. I don't think he knew what he was talking about, but it really refers to momentum.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Risk in terms of her ideas. I mentioned before that she didn't pay too much attention to price, but obviously she created this huge wedge and opening for herself with a product that no one else was thinking of. And so what are those products? I don't know. I'm past the stage of innovation. Yeah, I would say in addition to spending your one or two years at Goldman or whatever in terms of a background, you got to go out on your own and innovate with some type of product that will get you going and make you a star and make you some money and lead you to hopefully to an obsessive enjoyment of what you're doing. Doing. You can't succeed, I would tell them you can't succeed unless you love what you're doing.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would say this. I mean, the market's much different now than it was then, and I had an opening in terms of the line that even a 10-year-old could have run through, I guess. Now it's a different story. But I think finance will always be with us, whether it's stocks, bonds, real estate. Money is something that's always been with us in the making of money with money has always been with us. I don't see that, I see it changing, but I don't see it declining in any form or fashion. And so I would advise those that are thinking about the industry to do something like, yeah, like Kathy Wood did. I mean, she innovated in terms of her ideas and in terms of her portfolio construction. She did take...”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“For all of us going forward. There's another book, there's an author called Julian Barnes, who's written 15 books. He's a wonderful writer, very introspective, and it's called Nothing to Be Afraid of. And it's about death and dying and his thoughts going forward, which is sort of apropos 77. I sort of say I'm in the death zone at 77 because that's when People find out they have prostate cancer or breast cancer, whatever, it's not a good time going forward. And so it's very introspective. And the man has written other books that I think other people would enjoy, Julian Barnes and nothing to be afraid of. Those are some of”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, all time favorites is one thing I guess One of my favorite books was by a brilliant author who won the Pulitzer Prize Annie Dellard, who wrote an incredible book called Pilgrim at Tinker Creek, which was about observations of life, nature, and personal reflections on both. And I would encourage any of your listeners to pick up Annie Dillard's pilgrim at Tinker Creek. She also wrote a book called American Childhood, which was much like mine. She's the same age, grew up in Pittsburgh, and her childhood memories are quite similar to how I was growing up. I also recently bought and recently reading a book called The Age of AI, which is a book co-authored by Henry Kissinger and Eric Schmidt from Google and a third party who probably wrote most of it, but it's very interesting about artificial intelligence and the future that it has for.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Bond fund, and the man would take me to New York for conferences and so on and so on. And clearly he was supporting me for some future role. I don't think he necessarily knew that Pimco was going to be a raging success, but he was willing to take the chance and to give me his moral and I guess financial support because there was a time In the first few years at Pimco where we weren't making any money and not getting very many clients and they could have canceled us straight away but he didn't he supported me throughout the 15-20 years that he was active within the industry and so I say it was Mr Girkin, who's no longer with us.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, to be honest and fair, I only had one. And that was Walter Gherkin, who was the... CEO and chairman of the Board of Pacific Mutual. And it was Girkin that basically was a risk taker for an insurance executive. It was Girkin who basically gave the go-ahead and the all-clear to start the $5 million.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And I'm looking out at the golf course and I have a little lunch. I hop in my cart with Amy and we go play golf in the afternoon. That's like, what? This is paradise. Family comes out here to visit and it's just the all-around best time I could ever imagine doing something I love in terms of investing and doing something I love in terms of golf, which I do every day. And so that's basically my day.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Will I get up at 5 30? I've got a Bloomberg here and I've got a Bloomberg at my other homes. And so I get up and the markets here open up at 6.30 and so I start managing my portfolio, doing trading mostly in stocks these days and stock options. But it occupies my time until market close at 12.30. Sometimes I take a nap because I had gotten up so early in my lovely wife keeps me up till 11 o'clock to watch serial programs and so on so I don't get that much sleep. But in any case I manage money and then here I am out for eight months of the year out at the vintage in Indian wells. It's 85 degrees. It's almost always 75 to 85 degrees.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And he goes, No. I said, I just checked. He said, 16 under and a card off. I go, oh, okay. And so I told Thompson, he better go home and I'd better go back to the hotel. So I went back to the hotel. And at 9 o'clock my caddy calls up and he says, Mr. Gross, we made the cut the card off. We made the cut. And guess who we're playing with at 8.30 in the morning? I go, who? He goes, and I almost fainted and of course never slept. But if that gentleman hadn't seen me at the airport check-in line and told me I had a chance, I would have been sleeping Sunday morning in Newport Beach while Tiger was waiting for me to meet him on the first day. It was incredible. Luck. Incredible luck.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, the first three days you qualify and if you have a certain score, you make it into Sunday. And so when Bill Thompson and I, the CEO, went up there in 2002, you know, the rumor was that you needed to be 19 under as a team in order to qualify for Sunday. And so I finished my round on Saturday, and Thompson came up, and he had been 14 under, and he said, what are you? I said, 16 under. He said, well, let's go home because 1,900 makes the cut. I said, I don't know. Maybe it's Jay. And he goes, no, let's go. So he went to the airport, and we're waiting in line. And this guy from my local country club had a cell phone, and cell phones weren't that popular back then. I certainly didn't have one. And he said, Bill, how'd you do? I said 16 under probably miss a cut by two.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“As my closing question, I said, Do you think I have Asperger's? And she said, most definitely. And so that's how I became aware of it. And what are the... The symptoms that are characteristics, or how has it affected my life? I think what it does is it allows me to screen out minution and everything that's going on. For instance, example, when I played golf with Tiger Woods and Phil Michelson at the AT&T, people would say, how do you do it? I'm afraid of hitting my drive into the crowd. I go, I never see the crowd. I know they're there, but I never see them. And so in terms of PIMCO, in terms of managing money, I rarely see the minutiae. I see the big picture because of my Aspergers. That's just what Asperger's at the spectrum do. And so I think it's been very helpful. I owe a lot to Asperch.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I took this page out to the kitchen to my ex-wife and I said, look at this, look at this. I said, I think I have Asperger's. And she goes, you do with certainty. And I said, how do you know? She said, well, we were up at Bill Gates house in Seattle on an open house about four years ago. And I was watching Gates and I was watching you. You're at the same table. And you were doing the same thing he was doing. He was doing the same thing you were doing, looking down at the table, not being engaging, that type of thing. And I'd heard that Gates had a mild case of Aspergus, and so I went to a psychologist on my own and described her symptoms. And she said, he does. He's an Asperger. And so that's how I discovered it. And I ultimately, after my divorce, I went to a psychologist. And after the first meeting, I...”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I was never aware of it until I read Michael Lewis's book, The Big Short, in one of the chapters he talks about an individual called Michael Drury, who still is prominent in the press, I guess, with shorting and managing money. It was either he or his son that had Aspergus, and he listed like 10 things that alert you to the fact that he had it, and therefore I might have it. And one of them was not looking people in the eye or never observing the color of their eyes. And to tell you the truth, my ex-wife, I didn't know she had brown eyes until seven years into the marriage. And so there were other things too about the characteristics.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I get chased from a few, and I was very proud of that. It was like a badge of honor to be kicked out. I would wear different disguises. I would wear a hat. I would wear different clothes to the extent that I had them. But they could eventually track a card counter simply by watching the size of their bets. I would bet $2 and then $10, and then $3 and then $15 back and forth, back and forth. And they could ultimately watch my eyes and see me covering the table in three or four seconds in terms of counting the cards. No, but they simply didn't like the trend. So, yeah, I got booted a few times.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Mutual and then the Pimco it became an instrumental part of risk management for me because it made a lot of sense and it still does. But yeah, Vegas for me was the heart of my career ultimately as it came to pass. It taught me what I like to do to bet against the House and to make money. It provided a system of money management and ultimately I owe it all to Ed Thorpe who eventually I met. He lives out here and In Newport Beach, Irvine, who is a mathematics professor, and we came together to fund a stem cell research center at ten million dollars at UC Irvine. And so we contact each other once in a while. He's a very smart guy, smarter than me. But very fun to talk to and to talk about his times in Las Vegas, which were much, much larger than my ultimate $10,000.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Las Vegas, I hopped on a freight train. I had two hundred dollars. That's all I could afford to put on the tables and took a freight train, took seven days to Vegas, got off at the Golden Nugget right in downtown and rented a $6 a day motel with 95 cents of free nickels and a free breakfast. So I started playing Blackjack that basically taught me, I ultimately turned it into $10,000 and it paid for my graduate school, but it taught me about money management. Basically, it worked off what they call the Kelly system, the system where you can't bet more than 2% of your stake, even if the odds were tremendously in your favor because things can go wrong. And so when I ultimately went to Pacific,”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'll go through it quickly. The year before I graduated from Duke in 65, I had gone to Bahamas on the spring break and I lost $50 on the blackjack table. And I remembered that after I nearly cut off the top of my head in a car accident and was in a hospital for a long time, and somebody introduced me to this new book called Beat the Dealer, and so I had all the time in the world to sit there and discover whether or not his theory about car counting worked. I didn't have a computer, but I would play thousands of hands of blackjack back and forth, back and forth. And I discovered it worked. And so when I graduated from Duke in May,”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It makes things better than they would be, but it's sort of like the broken window. And so I think in the future enormously countries and companies will be moving in the direction of creating a better future environment for... Us and for our kids and grandkids, but ultimately it won't make it any better than it is now. It'll simply not make it worse. And that costs a lot of money.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think the risk is sort of like the broken window syndrome. So a bat sends a baseball through a window and it breaks and you've got to replace it. That increases GDP, the replacement of a window, but it doesn't make the window any better than it was before. And it's really the same thing, I think, in terms of global warming. Because it requires a huge amount of investment in order to stop it from going forward and a huge change in terms of societal behavior. And so that investment that goes into capping carbon creation at a certain level, if global warming wasn't taking place, then you could use that money for something more productive. You can't really call it productive if you simply stop a negative trend from happening.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“But you got to put up the numbers and you got to build your kingdom in order to be the king or the new bond king. I don't think anybody can be the future bond king because central banks basically are the kings and the queens of the market. They rule. They determine where interest rates are going, not bond managers like Timto or double line, et cetera, et cetera. So I think the term is sort of passe and certainly gun lot doesn't fit. The past definition of what a bond king should be.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, he sort of anointed himself. I mean, one of the commentators on CNBC throughout the term once, and he ran with it. And I guess I did too. But to be a Bond king, you've got to have a kingdom. And Pimco's kingdom ultimately grew to one to $2 trillion. in terms of his mutual fund is around $50 billion and not growing. And his performance has been like 60th percentile for three years, five years, whatever. I think he's a smart guy. You know, when I listen to him on CNBC, I go, yes. And he follows markets very assiduously. He's really into it. So I respect that.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“some of the outflows lead to lower and lower prices. And so I think you just have to be careful in terms of anointing someone that has had a good record for two years now in the last year it's not so good. Let's see what happens five years from now. I think it's a little early.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“her judgment in terms of owning these securities will be validated, and perhaps they will. But in the meantime, subject to huge volatility. And I also think, you know, much like Peter Lynch beckoned not to knock Peter Lynch because he was a significant part of the late 80s and early 90s in terms of Magellan. Once money started to come into his fund because he was doing well, that money went straight into the same stocks that he was owning and buying. It went up, up, up because the cash flow was going straight into that. And I think the same thing for the last several years with ARC and some of the other funds that humanages, huge inflows would lead to more and more and more buying.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I give her credit. She's got $15, $20 billion under management, and that's just how you break into this market. You don't break in by being a junior clerk like I was at Pacific Mutual. You break in with an innovative idea, and hers was that these companies that she was buying were a significant part of our future, our economic future, and I think that's true. But I listened to her on CNBC all the time, and it seems like she doesn't have an excellent sense of value and when to buy.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think two months ago at the big there was a bubble in most of these stocks. Many of them had no earnings and really no prospect for earnings two, three, four, five years in the future. They were based on hope and yes on objective and subjective estimations of a changing world in terms of technology and a consumer use of that technology. So I don't deny that”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Small piece, and I use it mainly for observation and to remind me that even the dollar as a global standard is subject to future volatility and certainly to depreciation in terms of its value relative to what it can buy.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“To avoid a currency that goes down, down, down in terms of its value. Bitcoin ultimately is capped, at least they say it's capped at a certain level, most of which has already been mined or supplied. To the extent that future supply is limited and to the extent, and this is important to the extent that it becomes a medium of exchange. It's not really a medium of exchange yet. You can't buy a donut with Bitcoin, but you can buy other things. And there are countries that are using it. So, you know, it's up in the air. Did I get in at a good price? No, I think I got in it through a mutual fund of $50,000. But it's just a small, it's a...”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's not a Because of its volatility and comparing it to the dollar, it's certainly 10 times as volatile as the dollar during any particular period of time. So to use it as a medium of exchange, which ultimately I think it will be and is becoming a very risky proposition, it depends on the level of Bitcoin on any particular day, any particular moment. I think it's fascinating. And on Saturday and Sunday at midnight, I can see trading in Bitcoin, limited though it is. But I think ultimately the global financial system, which is dollar dependent and dollar supported, much like in the 70s in which Nixon... Broke the code from gold, things happen. And now that there is a potential alternative in terms of Bitcoin and some of the other cryptos, I think it offers the opportunity to”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, it is. And certainly you need to create credit, ongoing credit, relative to last year and the year before in order to keep the economy going. The question becomes how much credit and certainly in the last several years it's accelerated dramatically because of the fiscal and the monetary stance at 0% interest rates. And no one can really judge. No one can tell you or anyone can tell me that they know what the number is. It's just that the global economy for the most part is hooked on more and more credit, more and more money. And that's what the cryptos, that's what Bitcoin and Ethereum and so on represent in terms of people that are fearful that the government keeps on printing.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“10 years goes to three or three and a half or four, then it'll break the economy much like when the Fed went to five and a quarter in 2006. It broke the mortgage market. Now we're at much lower levels, but there's been a lot more debt created. I simply think that 50 or 100 basis points higher is about as much as the economy can take. Otherwise, we see recession. And that's basically what the flat yield curve is telling you, that you've got to be careful, and that's why the 30-year bond with a duration of close to 20 is trading at 2.5%, it's simply because there are those that think that interest rates go much higher. I don't like bonds. Obviously, if you buy a 235, you're not getting paid your money's worth. the nineteen seventy nine eighty eighty one risk anytime soon of interest rates moving much more than 100 basis points higher.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I don't, but I don't fear. You know, I think there's a limit to the 10-year. I've talked about in my tweets in the last few weeks about breaking a long-term downtrend line at 215 for the 10-year, and now it's at 235. So theoretically it's broken the line. I don't think the economy can stand much more in terms of higher yields. I mean, we have a flat yield curve. What does that mean? Ultimately, in terms of forward interest rates, it basically means that 235, five years forward is estimated to be 240 or 245. So all of the curb going forward basically in terms of current pricing is suggesting that interest rates don't go up much. And so why would that be if it influenced Is four to five percent, it would be simply because if it”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Upon prices at the stores and grocery stores, it's pretty hard to stop. And in order to keep the economy above the line, this is the important thing to keep it above the line in terms of 4% to 5% nominal GDP, which was the standard before. You have to keep on printing money. And ultimately, that becomes destructive, not just in terms of inflation, but in terms of savings, and it distorts the U.S. economy and it distorts the global economy.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, they're way behind the curves, and I can see the COVID crisis of a year, two years back now, or getting on to two years. I can see how that would be a reason to not raise interest rates, to not stop buying bonds. But I think Powell should have figured it out that a $4 trillion budget deficit and the stimulation in the economy, that that creates, as well as the credit that was being created by his policies at near 0% interest rates was ultimately going to be very inflationary and that to think that he could stop it. And he doesn't speak to stopping it on a dime. He says it will take time. But once you get the momentum going, like in the 70s, in the raises based on...”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Isn't issuing a $4 trillion deficit, perhaps just $1 trillion now. This is certainly excessive in terms of the possibility of exceeding 2% inflation. So, yeah, we're coming back down. Yes, oil prices and gasoline prices will steady at some point and come back down. Same thing with food and wheat and all of the commodities. And this is a guess, 4-5% inflation for the next several years, I think is baked in the cake. And the question becomes, now that the Fed isn't buying bonds, who wants to buy them at 235 for the 10-year and 250 for the 30-year and perhaps a flight to safety? I can see that. But you're certainly being out inflated, I guess, by the existing and the future trail of inflation going forward. Bonds are definitely something to avoid.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“About everything was $1 trillion. Today, that number is $87 trillion. And so talk about a growth industry, $1 to $87 over, what, 51 years. And so it's been this tremendous creation of credit in the last few years certainly based upon the COVID bailout, and as well as the fiscal stimulation of $4 trillion to steady the economy. So when you combine a huge fiscal push with monetary creation and the Fed increasing its balance sheet 8 trillion, and like I say, credit, credit, credit, inflation is inevitable. And so if they continue to do this, and I know the Feds talked about reducing its balance sheet,”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I don't think it's transitory. In other words, going back to 2% or less, I think it's a result, yes, of supply shocks, of oil prices, of the war in Ukraine. A lot of global considerations, but it's also a Friedman, Milton Friedman type of thing in which basically money supply matters. And I'll take you back, Barry. I don't think you started then, but you're certainly aware of 1971 when Nixon went off the gold standard in credit was free to be created as opposed to be tied to gold. And back then, total credit in the United States, and I'm talking about mortgages, I'm talking about government, I'm talking about credit cards.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That I think are pretty humorous and some of my best. And so it's only $4.99, so I'd recommend going to where you need to go. Amazon or wherever it is.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“No regrets about the book. I mean, I read it myself about a hundred times over and over and over again. It's hand cut some stuff and it's not. What I wanted to do was to present Subjectively, of course, from my classes, but what I thought was a fair argument on either side from FIMCO and myself tend to explain what I call the PIMCO magic, why we were so successful. And I think that's the heart of the book, why was Pimco successful? What were the people like? I think it was a good book. I think I shouldn't say this, I think it was a great book. And I think people should read it, not thoroughly. You can't spend three or four hours reading it, but there's some very interesting parts and there's some interesting investment outlooks in the appendix.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's true, and that's our argument that it didn't fly with the judge, but the city ordinance has said that 60 decibels was as loud as you could. Play the music. We had a decibel meter that kept it at sixty or under, but it didn't please the neighbor, especially at eight or nine o'clock when we were in the pool. And so he kept suing. He kept calling the cops, et cetera, et cetera, et cetera, and ultimately we wound up in court for playing loud music. And it is sort of disheartening. Not that it diminishes my career, but it's certainly what people talk about. And I guess my epitaph will be half Fonking and half loud music, which is a little disturbing, but I was part of it.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“that I spent 500 million or 500 million. I spent 500,000 in lawyer's fees. I think he did too. I suggested we just give it all to local charities. He didn't want to do that. I think being a personage like the Bon King was part of the problem. He wanted to take it to the Bon King. And he did. You mentioned in the book.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a newborn beach. It's a home in Newborg Beach. So we watched it and we said, hey, that's where this house is. And so we learned to love Gilligan Island, the skipper and the movie star, and we would sing it to each other. And so when we would go down to the home in South Aguna, we'd sing Gilligan's Island. And the whole neighbor thing started with a sculpture in the backyard that the neighbor didn't disapprove of said he liked it. But one day there was a wind storm, the palm tree fronds broke down and broke some of the glass. And so we put up the net during inclement weather to protect it. He didn't like that and he sued. And that was the start of the whole thing, which was ultimately...”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, our house is right across from the... The bay or the entrance that the opening segment of Gilligan's Island takes place. And one day a few years ago, I mean, This is”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We never lived and still don't live high off the hog. We eat very simply. We go to sleep at 8 o'clock and watch Netflix and so on and so on. We don't go out of parties. We don't dress up a lot. And so my idea of living well is certainly having enough money to live well, but then to live simply and to ultimately give back not in terms of time. I don't give back time like Bill Gates and Melinda Gates do. That's not my strength. I've done the giving pledge, I've already given a billion or so in terms of money. I have a $500 million foundation. Et cetera, et cetera. So, you know, it's a simple life but not so simple in terms of all the money that I have to give back, not just to people and organizations, but certainly to the government. When I kicked a bucket, they'll take 40% of it.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I do. Objectively, I know I'm a billionaire. I see it every morning with my financial statement in my portfolios. But I think that comes from a certain insecurity. And to be fair, I've got a plane. I've got several homes. That's typical of billionaires. All throughout my life and my marriages and so on, I would bring home takeout dinners from the local taco bell.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“God, no. I mean, I thought then, I still think now that it was just a little jab to counter their uppercuts. And so they really do any damage to the structure of the company in terms of compensation. I don't know. But since they were all very good in terms of the executive committee in terms of smoothing things out, I assume internally that they gave it an afterthought, but not for six months.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sent it as a package to Pimco, and I assume they ultimately distributed it. You know, for the most part, I assumed anyway that partners knew what other partners were making, that half and silver drinks over the water cooler. But it just made me feel better that I could do something to counter what they were doing.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think it might have had an effect. That was the intent. I didn't have anybody in the company that could tell me whether or not they're esteemed coming out of the years of many of the partners. Like I say, I had been fired. They were talking in the press negatively about me, and I didn't want to call up the press and talk negatively about them. What I did was I said, well, I know how I can get back at them. And it was childish in a way, but it was a way to stop taking punches and maybe throw one of my own. And so I took last year's bonus pool and I mailed it to eight random partners in an envelope.”
2022-04-01 · Masters in Business · Bill Gross on Institutional Bond Trading (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source