The Bond King: How One Man Made a Market, Built an Empire, and Lost It All

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made certain that he doesn’t see DoubleLine Capital Founder Jeffrey Gundlach as the heir to that crown during a live recording of the Odd Lots podcast Monday. After reading this book, a reader may appreciate the deft trades, cunning maneuvers, and smart forecasting of Gross and PIMCO.

The Bond King - Google Books The Bond King - Google Books

Peltz, "Milken's Largess Slows Down: Donations: The junk bond king's charitable trusts have virtually stopped growing since his 1989 federal indictment" Archived November 9, 2017, at the Wayback Machine, Los Angeles Times, September 15, 1992. Steven Mnuchin, Henry Paulson, and Robert Rubin all made the transition from Goldman to treasury secretary in the past few decades. It all started during the early 1970s at Pacific Life Insurance, where Gross landed his first job after graduating from business school. In her new book The Bond King, Mary Childs chronicles PIMCO, a large financial institution in its own right that was founded during the 1970s. Childs explains that Kashkari was similarly over his head at PIMCO: If Kashkari's time at Treasury had seemed to some a step beyond his abilities or experience, this new role was another step farther.The book navigates into some of the “colorful” corners of Gross’ recent years (including his acrimonious divorce and Hatfield’s vs. Supporters, like George Gilder in his book, Telecosm (2000), state that Milken was "a key source of the organizational changes that have impelled economic growth over the last twenty years. El-Erian and Kashkari / El-Erian's "first stint at PIMCO" started in 1999 when he was brought on to manage the emerging markets team. One of the frustrating aspects of Gross's legacy, as is the same with Wall Street figures generally, is what his efforts produced in a real sense. As Bill got older and dementia probably set in, he was jettisoned by the company that he had created as he became odder and odder.

Bill H. Gross - Wikipedia Bill H. Gross - Wikipedia

To put it another way: the yield rises in those circumstances because investors want more compensation for the risk they are taking. The Bond King" then turns into a spiraling tale of a paranoid, ego-bruised CIO who was once legendary and whose deteriorating mental state threaten the profitability of the firm he founded. He graduated from Birmingham High School where he was the head cheerleader, and worked while in school at a diner.All of this text wall to say that I rather read more about the emotional toll taken by Bill Gross on the way down than the material strategy he employed on the way up. Gross does seem extremely intelligent, and his criticisms of the finance industry and the groupthink of large corporations definitely rang true. Gross's life story follows the trajectory of bond trading in the United States: from a sleepy backwater of the finance world to the center of the Wall Street mania of the 2000s and the Great Recession.

The Bond King: How One Man Made a Market, Built an Empire The Bond King: How One Man Made a Market, Built an Empire

P.) to enlist private investors to help bail out the nation's ailing banks and try to revive the economy. The inflation of the 1970s was a good time to start such an operation, as older bonds were eroding in value because of their woefully low, pre-inflation coupon rates. The market broke during late 2007 and early 2008, and Gross the capitalist morphed into Gross the interventionist. A failed run for governor of California and ultimately a position as president of the Federal Reserve Bank of Minneapolis ensued.

Dan Stone, a former Drexel executive, wrote in his book April Fools, that Milken was under nearly constant scrutiny from the Securities and Exchange Commission from 1979 onward due to unethical and sometimes illegal behavior in the high-yield department. Childs’ authoritative, engaging book about pioneering bond trader Gross, from the investment management firm PIMCO, portrays him as brilliant and a visionary, who devised a new way to invest by making a market for trading bonds.

The Bond King ♕ — mary childs The Bond King ♕ — mary childs

However, Stone said that while Milken condoned questionable and illegal acts by his colleagues, Milken himself personally followed the rules.

The saga moved quickly after that, with Gross and PIMCO's executive committee each trying to gain the upper hand.