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Friday, May 30, 2014

An Embattled Gross Bets Against Market Alarmists

News summary by MFWire's editors

Never let it be said that Bill Gross isn't a bold man.

Bloomberg's Charles Stein reports that the Pimco CIO and co-founder is now doubling down on five-year treasuries because he believes the market has overestimated how much the Fed will raise rates.

Not everyone agrees, according to Stein. He quotes bond managers at Goldman Sachs Group, BlackRock Inc. and JPMorgan Chase & Co. who say Gross is wrong and these assets are going to take a hit.

“Once they see the whites of the eyes of full employment, they will want to normalize rates at a faster clip,” Stein quotes Jonathan Beinner, co-head of global fixed income at Goldman Sachs Asset Management, in the article.

Is now a good time for Gross to go bold, again.

As everyone should know, Gross's bets have cost him big recently. His firm saw $30 billion in outflows the first quarter following two other devastating quarters.

Pimco's pain has been so bad that parent Allianz sufferd a 28 percent earnings drop in the latest quarter. Allianz's CEO Michael Diekmann had to silence Pimco critics during a recent shareholder meeting.

And let us not forget the recent public relations migraine related to the departure of previous CEO Mohamed El-Erian.

Never let it be said that Bill Gross isn't a bold man. 

Edited by: Tommy Fernandez


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