Posts filed under “Fixed Income/Interest Rates”
Last year was a time of change and controversy for Bill Gross: His unplanned exit from Pacific Investment Management Co. in September, a whisper campaign before the palace coup, a new job at Janus Capital.
Amid all this, Gross is most upset about one thing: Despite 40 years at the top of the fixed-income world, he believes his recent track record has been misunderstood or misrepresented.
After we published a column last year on his compensation at Pimco, he wrote me to complain that his performance numbers were much better than reported, especially for Pimco’s flagship Total Return Fund (PTTRX), the world’s biggest bond fund.
He wanted to know if Bloomberg was willing to look into the data and “set the record straight.” Since we splashed his 2013 bonus of $290 million all over the Internet, it seemed only fair to do so.
Hence, today’s column deals with three things: Total Return Fund’s performance during the past few years, the performance of the five closed-end funds Gross managed at Pimco, and the strength of Pimco as an asset gatherer, driven in large part by Gross, particularly since 2011.
From Deutsche Bank: The ownership structure of US Treasuries is fascinating: 50% is held by foreigners and 20% is held by the Fed. Domestic accounts hold only 30% of Treasuries, down from 75% in the early 1990s, see chart below. Also, attached please find our 105 page update on Who is buying Treasuries, Mortgages, Credit,…Read More
Torsten Sløk of Deutsche Bank Securities calls out Wall Street’s bad forecasts on the 10 year bonds: As we leave 2014 behind, professional forecasters are once again predicting that long rates will go up next year. As the chart below shows, this has been a pattern for the past decade. The latest Fed Survey…Read More
“Read narrowly, the results show that some survey data suggesting weak post-Thanksgiving Black Friday sales was misleading at best.” — New York Times No, this isn’t going to be a victory lap about the National Retail Federation and its always-wrong forecasts about holiday retail sales (that annual chest-pounding comes in January). Rather, this…Read More
> My Sunday Washington Post Business Section column is out. This morning, we take yet another at Tony Robbin’s All Weather Portfolio. The print version had the headline Why the all-weather portfolio is a wash-out while online, it was Better Than All Weather Portfolio. Rather than merely criticize Robbin’s 55% bond, 15% commodity portfolio, I…Read More