Day: September 26, 2014

This makes zero sense. PIMCO founder Bill Gross will join Janus Funds?

If you founded and built the largest bond fund company in the world,

If your name is synonymous with that company,

If you are the rockstariest rockstar of bond managers (if such a thing can exist),

Why would you ever quit that firm and join someone else’s mutual fund company?

Lots of people leave their jobs all the time, and especially talented and notable people can demand great terms from a new employer by leaving their old employer.

But Gross is not an employee of PIMCO. He’s the founder, the brand, the face of PIMCO.

One does not simply found the largest bond fund in the world, and then turn around and join Janus Funds.

This would be like George Washington stepping down from being the first President of the United States mid-term to become Secretary of Transportation for British Guiana.

This would be like Steve Jobs quitting Apple in 2011 abruptly to take over the accounts receivable department at Nokia.

This would be like Howard Shultz quitting Starbucks to become Northwest regional sales manager for Dunkin’ Donuts.

This would be like Michael Jordan quitting basketball at the height of his talents to play minor league baseball. Well, that actually happened. But it was insane.

Short of temporary insanity in Gross, or a legal investigation of PIMCO, this does not compute.

At all. Whatever he says his reasons are, it’s one of those two. I’m guessing temporary insanity.

 

UPDATE EDIT: This Headline makes sense to me: Gross was going to be fired Saturday for erratic behavior

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