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Banking, finance, and taxes

PIMCO’s Bill Gross Talks Too Much

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By Douglas A. McIntyre Published
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Bill Gross, who manages the world’s largest bond fund, told the Financial Times and almost anyone else who would listen: “Do I wish I had more Treasuries? Yeah, that’s pretty obvious. … I get that it was my/our mistake in thinking that the US economy can chug along at 2 per cent real growth rates. It doesn’t look like it can.” Gross believed that future inflation would make U.S. debt a poor investment.

Gross spends too much time on CNBC and not enough minding the money that clients have given him to manage at PIMCO. The head of PIMCO, Mohamed A. El-Erian, is also in or on the media nearly every day. He writes daily comments on the economy. Between them, the two men signal PIMCO’s investment plans to any competitor or the most casual investor.

Gross and El-Erian might want to take a page from more successful investors, particularly hedge fund managers. Many see a value in allowing their results to speak for them. And they see no reason to telegraph their plans to the world. PIMCO, for some reason, goes beyond transparency to bragging. That is only effective when results outperform the market by wide margins.

It would be very fair for PIMCO investors to ask who handles the day-to-day investment work at the bond fund. It certainly is not Gross and El-Erian. They are too busy with TV appearances.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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