Posted on 09/29/2014 4:48:27 AM PDT by MeneMeneTekelUpharsin
Pacific Investment Management Co. suffered roughly $10 billion of withdrawals following the Friday departure of co-founder Bill Gross, a person familiar with the matter said, a sign of how quickly Mr. Gross’s surprise move is reshaping the bond-investing landscape.
Pimco is bracing for more outflows on the heels of the veteran investor’s departure after months of internal strife over his leadership. At the same time, some managers say they remain committed to the firm.
Some within the Newport Beach, Calif., investment firm are projecting it will lose at least $100 billion or more in assets due to withdrawals, the person familiar with the matter said, and some analysts peg the estimate higher.
(Excerpt) Read more at marketwatch.com ...
Maybe America NEEDS these corrections
Where is it moving?
To stocks? Real estate?
Didn't know that Pimco held gold. That's going to take a lot of Brinks trucks.
Might be moving the the Janus fund he’s taking over.
As Douglas as Gekko in Wall Street says:
Buddy, it’s not a question of
enough. It’s a zero sum game, sport.
Somebody wins and somebody loses.
Money itself isn’t lost or made,
it’s simply transferred from one
perception to another. Like magic.
That painting cost $60,000 10 years
ago. I could sell it today for
$600,000. The illusion has become
real. And the more real it becomes,
the more desperately they want it.
I watched a woman on some infomercial last night, giving "financial" advice to a bunch of head nodders. They sat their, believing that all was well and secure for the next 20-30 years for them, because she said so.
These sheep have NO IDEA what is coming their way.
their=there
To Janus Funds where Bill is moving
I'm glad that I don't have any holdings with Janus.
I always say that if the "advisor" always had good advice, then they'd be long retired and not working to pimp their product on 2am informercials. :-)
$10 billion is nothing in the bond world. This is not big news. SO much stupid hype is posted, like the “$40 trillion in derivatives” panic piece yesterday.
Didn’t he get out of US treasuries several years ago...and then realized he’d screwed up?
Okay, so real money is not moving. Back to watching the soap operas. Thanks.
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