who is bill gross
The legendary bond investor who founded Pacific Investment Management Company (PIMCO), the largest bond fund in the world by 2014. William H. Gross is known in the investment world as the king of bonds.
Bill Gross was born in 1944 in Middletown, Ohio. He graduated from Duke University with a degree in psychology after which he joined the army at the age of 22 and was stationed in Vietnam. After his military service, Gross went to business school at the University of California in Los Angeles.
In 1971, with a net worth of just $12 million, Gross founded PIMCO with friends Jim Muzzi and Bill Podlich. By the first half of 2014, PIMCO had approximately $2 trillion in assets under management, making it the largest active fixed income fund management firm in the world. He attributes his mathematical prowess and risk appetite to Lathi. After earning his bachelor’s degree, Gross moved to Vegas where he worked at a blackjack table, counting cards for 16 hours a day. From his months of playing the cards, he learned an important lesson that he applies in his investment decisions: Leveraging too much and taking on too much debt will collapse the house of cards. Gross started in Vegas with $200 in his pocket and left after four months with $10,000.
Leaving PIMCO for Janus
Bill Gross left Pimco in September 2014 to manage a small fund with Janus Capital Group. Like the popular investment gurus in the financial world who are the movers and shakers of the market, investments made public by Bill Gross will have an impact on the financial market. On the day his move to Janus was publicly announced, Janus share price climbed 43%, representing a one-day historic gain for the company. In addition, the fund managed by Gross saw its assets under management climb to approximately $80 million at the end of September 2014, from $13 million at the end of August 2014.
retirement from janus
On February 4, 2019, Janus announced gross retirement at the age of 74. In a letter to investors, Gross wrote, “I’ve had a great ride in my career for more than 40 years – with the interests of clients in mind at all times. First inventing and re-inventing active bond management along the way… I quickly learned that without a client, there can be no franchise. I’m off – leaving this port for another destination with high hopes, sunny skies and smooth seas! ,
From learning about the risks at the gambling table to making great returns from his fixed income investments, Bill Gross is also a successful stamp collector. The Smithsonian’s National Postal Museum houses the William H. Gross Stamp Gallery. In 2005, he produced a complete collection of 19th-century United States postage stamps. In 2007, he auctioned off a collection of British stamps from which he collected approximately $9 million in proceeds.
All of Gross’s $9 million dollar auction proceeds went to Doctors Without Borders. The amount collected from his Finnish and Scandinavian stamps went to Columbia University. In addition to his philanthropic offerings, he has also donated millions of dollars to Duke University, the University of California, Cedars-Sinai and the Mercy Ship.