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Bloomberg, Jan. 12 2015
Bill Gross: “I was Fired From Pimco”
January 12, 2015 12:00pm by Barry Ritholtz
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Wisdom we can all heed:
Gross said he visited a neighbor, a retired air force general, after his exit from Pimco. As he was leaving, the retired general said Gross should have visited six months earlier because he could have taught him the first rule of the military.
“I said, ‘what’s that?’ and he said: ‘watch your back,’” Gross said.
“Hell begins the day that God grants you the vision to see all that you could have done, should have done, and would have done, but did not do.” -Johann Wolfgang von Goethe (1749-1832)
If I understand correctly, he massively underperformed a passive strategy and got paid $270mm. What a disservice to investors.
‘penalizing savers’ = penalizing rich people mainly. Strangely, I’m OK with that.
He would have gone to 1%? But even at 0% hiring was WAY to slow for those of us with friends of a certain age and kids who need jobs. But what does he care? He gets his $290mm. And his stamp collection and philanthropic activities.
On his bonus, wasn’t it a high percent of the pool? But how much of the AUM fled? 5%?