I am not easily shocked, but when I saw the headline my first thought was "it's a joke."
(Reuters) - Bill Gross, one of the bond market's most renowned investors, is leaving Pimco, the asset management firm he founded, for rival asset management firm Janus Capital Group, Janus said on Friday.
Dubbed the "Bond King" and long-time manager of the Pimco Total Return Fund, the world's largest bond fund, Gross will manage the Janus Global Unconstrained Bond Fund, Janus said in a statement. He begins work at Janus on Sept. 29, Janus said.
clacy wrote:
I'm still trying to figure out why someone worth $2b would take a new job at 70. Doesn't he have some grandkids to hang out with?
In contrast, here's a story of another ex-PIMCO executive.
The head of a $2 trillion investment fund has revealed he quit his job after his 10-year-old daughter wrote him a note listing 22 special moments in her life he had missed.
Read more at http://www.9news.com.au/world/2014/09/2 ... 6BWDeFL.99
My auto mechanic is in his late 70s. I've asked him if he ever plans to retire, and he says no, because people die after they retire. He's the best mechanic I've ever had, so I'm glad he's sticking around.
I don't think Clacy is off base at all. It's simply a matter of perspective. Some people work to live -- others live to work. Your view on continuing to work after you've accumulated enough money to support your family indefinitely depends on which one you are.
I used to be the second, but have transformed into the first. Fulfilling work on your own terms is great at any age, but I personally find a traditional long-term career track stifling to a full life.
Reub wrote:
You are entitled to your opinion. What I object to is when some obviously nieve youngins begin to impose their rules and opinions on others just because they are perceived by the youngin as "old", leading to job discrimination.
Reub wrote:
You are entitled to your opinion. What I object to is when some obviously nieve youngins begin to impose their rules and opinions on others just because they are perceived by the youngin as "old", leading to job discrimination.
It will be interesting to see what impact his departure will have on his $220+ bln creature - PIMCO Total Return fund, which is a popular option in many retirement plans. In my 401(k) this is the only decent fixed income option, aside from a TIPS fund.
It might be a coincidence, but M* rating for PTTDX shows "under review":
Last edited by foglifter on Sat Sep 27, 2014 12:53 pm, edited 1 time in total.
"Let every man divide his money into three parts, and invest a third in land, a third in business, and a third let him keep in reserve."
- Talmud
Reub wrote:
You are entitled to your opinion. What I object to is when some obviously nieve youngins begin to impose their rules and opinions on others just because they are perceived by the youngin as "old", leading to job discrimination.
I'm not discriminating and no one is going to discriminate against the "bond king". I fully understand he has a lot to offer. He didn't earn that name for nothing. My dad is a great example of someone with a lot of money (nothing like Gross obviously and earned late in life), but he is in his 60's and works 60 hours/wk still.
Anyway, some people are just wired that way. I try to find a little more balance I guess, but with that said I work probably 60-70 per week but I don't plan on doing that forever.
