Gross and Gundlach fight for that crown. This week there were public exchanges between the two.
Bill Gross was crowned for many as the “The King of Bonds” after converting to Pacific Investment Management Co (Pimco) in the largest bond manager in the world, with its legendary ‘Total Return Fund’. However, Jeffrey Gundlachanother big fish in Wall Streetchallenged his reign in a dispute that both maintain openly, in the best style of the “Billions” series.
“First of all, to be a bond king or queen, you need a kingdom,” Gross commented in a live recording of the ‘Odd Lots’ podcast, made at a financial meeting in California, downplaying Gundlach. “Pimco had $2 billion. DoubleLine It has around 55 billion dollars. Come on, that’s not a kingdom, it’s like Latvia or Estonia,” he concluded in reference to the manager of his competitor.
A few hours later came Gundlach’s response. “I don’t care,” he said at the event, in an interview broadcast on CNBC. “It’s sad” that someone who has been “out of the business” for about a decade is still trying to “exorcise the demons,” she said. “I hope you are good”.
The confrontation between the two managers occurred when Gross left the management of Pimco, after a series of poor results, and asked Gundlach to work together. “I went to his house and said, ‘Maybe I could work with you, we could be two bond kings,’ but it devastated me for the next 12 months.”
For Gross, his success and his nickname as ‘bond king’ was due to the fixed income bull market that took place while he was at Pimco.
“I don’t think there can be another ‘bond king’. It was the function of a 30-year bull market that was growing and Pimco was doing well,” he acknowledged. In his view, “the kings and queens of bonds are now at the Federal Reserve. They are in charge.”
Source: Ambito
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