24 Burst results for "Bill Gross"
Why Facebook Traffic Is NOT Your Problem
"Welcome to the show. Tanner larson great to have you here. Today we're gonna talk about facebook advertising but how it relates back to what we refer to as revenue optimization says a term that tanner and the folks that bill gross scale have really pioneered an engineered very different than the classic conversion rate optimization. Which we've done a lot of shows here a perpetual traffic on. So i guess that probably leads us into our very first question air. Tanner what exactly is revenue optimization. And how can it help our listeners. There especially in the ecommerce space so revenue optimization kind of a different way of approaching or looking at e commerce specifically i say e commerce but as you allude to apply to almost any online business but in the framework that we're going to talk about i'm gonna stick specifically e-commerce to make it make sense so conversion rate optimization is the term that everybody's familiar with it gets thrown around. It's kind of mystical term. That really nobody knows what it is they i'm doing. Cro stuff but when you ask them what they're doing. I can't tell you it's kind of like seo right. Nobody knows what they do but they're doing something. And with conversion rate optimization the focus tends to be like the name on conversion rate doing whatever you can to optimize the conversion rate. And what we've found. Is that when we do that. You kind of get this tunnel vision. Where everything else. Outside of optimizing the conversion rate and optimizing those metrics associated with that. You kind of get blind to it. You don't see the rest of it and it's outside that tunnel vision that all the magic happens. In econ so revenue optimization is basically a holistic look at the site and the store and specifically from the time the traffic lands on the site to the time that they complete their purchase and into the back end when up in email. Repeat customer type stuff. So it's looking at the complete customer journey from the time they land on the site to the end of time basically where they either buyer die right
Billionaire accused of tormenting neighbor with 'Gilligan's Island' theme song
"So there's a and check you like this story, too, because it's about a guy who's so rich that he really doesn't care about following the rules anymore. He's a 76 year old billionaire investor named Bill Gross. He lives in Laguna Beach, California, and he's been in a battle with his next door neighbor. Another rich guy, 56, year old, very rich, but slightly less rich guy named Mark Topic. Who's a tech entrepreneur now Mark the second guy. Doesn't like the bill put up a 22 ft long blue glass sculpture on his property last year, and he put up pulls and netting to protect it. Now, Mark says, it's blocking my view. So he called the city to complain. You know, it's not blocking his view, You know, He just thinks it's ugly. It is making the whole neighborhood ugly. 22 ft. That's pretty big. Anyways, so he called the city to complain. Bill got his revenge on him. By blasting the Gilligan's Island theme song at all hours of the day s O Every time this guy comes home at full volume, hears this back just flew over and over and over And over this time you even know what Gilligan's Island Is that where that bucket right By the old TV show that was killing old TV show from the sixties. You know, he said in his house waiting for him to pull up in his car. Yeah, Gilligan's Island so guilty he must know something he must know. His neighbour doesn't like to show it to you like the show because it's very maybe Gilligan slept the guy's wife. We don't know it's going to be an inside story of why'd he picked that theme song Lawsuits charges restraining orders have been filed. There's going to be a hearing on the restraining order's harassment charges next week and They think they can do no music until the middle of next month to get the rights for his permit for a sculpture. But until then, way something way more
"bill gross" Discussed on The Tony Robbins Podcast
"Business season of a Tony Robbins podcast and I want to thank you for joining me recently had the honor and the incredible opportunity to have my dear a friend and my business partner. The legendary dill gross speak at my business mastery program here at early August Bill. Bill is the master of business when I I said I'm not exaggerating. Bill has personally started from scratch built an exit from seven companies each one from zero to over a billion dollars each. That's more than double with greatest investor supposedly before then of all time was which is Eli on Musk. I mean he's truly one of the greatest Unicorn founders of all time Kabila looks for those opportunities those giant big problems or things are broken brainstorm technology solutions to fix them and then he starts building a company out of it and in these last twenty three years he's taking his little company called idea lab accompanied that was one of the first incubators in the world and he's been able to build so many companies and create so many jobs specifically during these two decades. I do you have more than one hundred and fifty companies and it's created more than ten thousand jobs and more than forty five successful. IPO's acquisitions few leaders about even wouldn't UNICORNS. They call them. You Know Company started from nothing to a billion dollars. You know a Tech Company on the market valuation of over a billion. That's what we're talking about. Say Unicorn and Dylan started and exited seven of them seventy two billion Egypt's blows my mind and what's really cool is bill has just recently built another company called Energy Fault that I'm also partner and investor in and it's a solution as you'll discover in on this podcast for solving the big problem with the big problems is we now renewable energy sources like solar and wind and are actually cheaper than petroleum so why aren't they distribute it because you can't store them so you get all this electric solar electricity for example in the daytime but the time you need it is at seven PM. I'm at night and you just don't have the ability to store in the ways of story that many people are doing are so expensive or toxic batteries when you discover what his strategy outages that Energy Vault is done in blow you away while it's always gonna blow you away. It's bone with the marketplace this fast company. He wanted to twenty nine hundred world changing ideas award on energy but just a couple of weeks ago we raised one hundred ten million series B funding from Softbank's Vision Fund so so that we can continue to eliminate our dependency on fossil fuels. They see it as the future so get. This bills created a new company every single day at at least five days a week last twenty years now that's what he called being a master of business to say the least and all them we're going to be great successes with the idea for them and he pushes pushes through those to find what are the very best. They can take the highest level of impact in the world and so part of this podcast. I wanted you to hear bill. Sharing kind of his top lessons of all time is a serial entrepreneur and then in part two. I WANNA make sure couple things that we didn't cover it. We did a brief interview with them as well so you're GONNA ideas. Here's about how to raise capital how to pitch investors. You know his visions for the future and how it affects your business in your career so I know you're gonNA enjoy this podcast. This is a chance to meet a brilliant man. My dear friend my partner growth. You talked about all the things that I've done ever successful. You didn't talk about my sixty failures. I definitely learned a lot from those failures. I'm going to try and share some best learned lessons from my entire career about those especially with you. I I wanted to talk about my journey but I'm going to tell you the top forty top ten things that I wish someone had told me forty years ago when I was first getting into business and talking about what most passionate about right now my journey started by selling candy at the bus stop in junior high school. I have candy bars in my old pan and add that I took from my mother I I went to save on drugstore and bought skills and Bazooka snickers for aiding the third sense they were selling them. Three quarter were dime. They're selling three quarter and I mark them up to a whopping nine cents at the bus stop so I made a wop in two thirds of a cent per bar but I sold candy bars and I loved it and it wasn't really buy low and sell high it was is by not so low and sell it barely a little bit higher but I made four hundred dollars selling candy bars junior high school and that was really really thrilling to me and it was my first taste of entrepreneurship is it's quite quite exciting. What did that one hundred dollars was go out and buy a old rusted shop. Smith Shop Smith was a five and one tool school for woodworking and metalworking and I was really excited about because they've just taken woodshop high school junior high school and I was really excited to make things with my hands make things out of wood and I bought this old. Shop Smith Four Hundred Dollars D rusted rewound the motor put it back together and I started making things like checkerboards lamps and carved bowls and I even went and bought. I don't know if you remember this back in the days of dial telephones. You couldn't even own your own phone back then. At and T. had a monopoly on the phones. You had to rent your phone so you could and by one but on the US marketplace for broken phones I could go by old phones ripped apart. Take the innards out Polish up the bills and put them inside these little plexiglas boxes this and sell them for forty nine dollars. I used to go to the swap meet at the Rose Bowl squad meet near where I lived in southern California to sell these and I love doing this. I love taking the I love the the idea of taking parts and re manipulating them and making them more valuable. The basic tenets of entrepreneurship is trying to add value and I was doing that in my own little way as a young teenager in southern California then I grew up to be fifteen years old in nine hundred seventy three during the huge energy crisis. I don't know how many of you remember this but there were long lines of cars just to buy rationed gasoline you can only by five dollars gasoline per day based on the lasted the license plate on honor even number days based on the calendar and I lived in Studio City and here on Ventura Boulevard their lawn line's a mile long just to get your five dollar rational gasoline and I saw this and I thought this is ridiculous. The idea that somewhere in the world we're digging oil out of the ground and rationing thing it to make our lives more just a little bit more comfortable and yet. We have a lock on this. There's gotTa be another way to power our planet so that got me early interested in renewable energy. I I started reading everything I could about that. I went to the library and read about solar energy. I read about wind power. I read about stirling engines these magical devices that convert heat to electricity and I started making kitchen plans for them. It was really my first real company solar devices. I started this Lamelo business when I was fifteen and I made these kits and plans that I sold in the back of Popular Science magazine little kids to make solar parabolic concentrator little stirling engines but the thing I really learned from this was about mail order nail order was the big big thing back then and I read every book at the Library About Mail order. What are the tennis. Did they said over and over again. which is a very powerful lesson? Even today is test test test test. Everything try little variations test and learn make some small change see what happens and I tested everything. I tested the size of my ads. I tested the wording of my ads. I tested the color of the envelopes. I sent back out. I tested this style of handwriting. I used to calligraphy somebody envelopes and pampered some of the others at type right some of the others I I tried everything just to try and get the best performance and I saw a huge differences just keeping track of things on a little paper strategy about what worked and what did and that is still the very very early training for me of testing every variable really really valuable for me even to today sort of ices led me to college. I I put this on my college application. I had made enough money. I saw ten thousand kits and plans at four dollars each so actually pay my way through the first two years of college. It probably even got me accepted to college because I wrote about got an application but then in college I got bitten by the Audio file bug because there was some senior in my dorm that had these incredible speakers that I couldn't afford but there's a student shop on campus purpose and I knew woodworking and someone said what are you doing shop. You can build your own speakers so I start learning how to make speakers and started making friends on campus and making it for all the professors on campus and start start selling them in the Pasadena area. I made a whole business making these high end. Audio loudspeakers and school even helped me get a patent on what am I speak designs back then and that helped me really grow my business. I it took a year off between my junior sophomore junior year to make enough money to pay for my junior and senior year and this little business. GNP loudspeakers for Gross National Products was the business that I used to pretty much make my way all the way through college until I graduated the exact month that I graduated in nineteen eighty. One was the month that the hyped came out. I went down to my computer land store in Pasadena and got to first. PC THIS PC for five thousand dollars at two floppy drives a green monochrome monitor with eighty characters by twenty-five no hardest hardest got even been invented at. I really was so excited just to get to begin to computerize my business. I why to make better loudspeakers I WANNA keep track of my accounting all by bookkeeping keep track of all my orders and I was really excited what the PC could bring on a number getting that I wonder how excite was even though it was pretty powerful back that I started writing software to put accounting practices into my business and we call it a CPA plus and and then I started using Lotus one two three when it came out which was really exciting this a CALC was the first spreadsheet and then load us really took off the IBM platform and I made a natural language program. I'm to make it easier to use Lotus one two three so I started a separate business upstairs from my speaker business where we sold the software came to Las Vegas Comdex show hello in one thousand nine hundred eighty four and someone from low to Saad and took it back and said you should take a look at this company we heard from CEO of Lotus. We flew out to Boston. Show it for them and they acquire a company for ten million dollars. It was unbelievable really really unbelievable so that was my first real success at intellectual intellectual property the previous business. I told you I was working with my hands. This is my first chance really working with my mind really trying to take ideas and turn ideas into more value and that was intoxicating that was so exciting to do that to be able to use your brain power to take something of value x and turned into you why even more was really really exciting and and is the foundation pretty much of all entrepreneurship so I got my first taste of that. I moved to Boston to work for Lotus. It was very exciting. Lotus was the biggest software company in the world time even bigger than Microsoft. Microsoft wasn't even public yet at that time. Lotus was one of the first billion dollar software companies. I learned everything about the software business there. I signed a one year contract back by stayed there for six and a half years. I loved it there. I learned so much from Lotus and I probably would have never left. Had My son started kindergarten in one thousand nine hundred one my youngest son you're five years old at the time. I dropped them off on the playground. I don't know if you remember this with your children but I remember waving goodbye to them on the playground and just thinking while I'm turning him over to the school system. I wonder if he will fall in love with learning like I did. I had that magical fourth grade teacher. I wonder WHO's his teacher. That will inspire him. I hope he has that. I thought maybe software do that. There was educational software at that time but it was all skill and drill.
"bill gross" Discussed on Masters in Business
"Limited amount of time. Let me get to some of my favorite questions. I ask all of my guests. It adds a little bit of sort of cinema verite when I move off Mike and people can tell them I'm doing that. I kind of like that especially at the end not during the broadcast portion, but let's jump to these questions. We'll we'll call this our speed rounds. So what was the first car you ever owned year making model? Many sixty six dodge dart dodged they were. My sister had one of those. I it was a sixty six or sixty seven those cars could not be killed. They were three hundred thousand mile cars from the sixties. I wish it had been my sister's in my so you had a problem with it. I did not like it. But. Well, my father gave me it wasn't the prettiest car, but they were kind of indestructible for that. They wear. Tell us the most important thing that your friends and family don't know about you. I love red wine. That's my passion in amick collector. I very interesting who are some of your early mentors who helped shape your view of the fixed income markets and invest in young if a Nobel prize winner, a professor at Harvard. A before I really got to know him, Bill Gross. Before you got to know him not after Matt after and a I would say that the mentor was my father night in terms of investing. But in terms of values hard work is the only thing that makes you do. Well, makes makes a lot of sense. Tell us about your favorite books. What are you reading? What what do you recommend other people read fiction nonfiction investing related whatever in fiction? I love the meals Nelson demille I love the series by Ken Follett, and in non fiction, I'm reading now a great book of the woman that ran the spine. It were for the French in the second were wore my them food cat, and I love Harry's these rarely guy that Bart historian part philosopher, the twenty one questions for the twenty first century cinemas book. Really, I read say same guy who wrote sapiens shape. And then home or there was right, which was a little darker than say. Yeah. And now the twenty one questions for the twenty first century see great book, I'm going to put that one on my list, the the Ken Follett series. He's had a number of different series. Which one are you referring both the bureau of the earth, the winner of the building of the Kathy Terrell, and then the one that takes him through the three wars. Ryan. I mean, he's writing it's amazing. I love historic novels that that's really quite interesting. Tell us about a time you failed and what you learn from the experience when I was leaving in Mexico. A I found the smoking withdrawal ceased from water. So I flew to Fort Collins, a negotiated with them the representation in Mexico brought into Mexico, and then found out that Mexicans net. One to stop smoking. So it was not a good business. I just thought that I could carry over what was happening in the US to Mexico when you have to understand local mentality and local desire is that still true or Mexican still big tobacco smokers relative to what it was like thirty years ago, it's lower, but it's much bigger than in the US. I mean, it's fallen I grew up in a a never been a smoker. My parents were smokers. They've actually stopped but in the United States it's fallen off a cliff. You like it's like, it's almost noteworthy. When you see someone on the street with a cigarette I'm not even talking about vaping an actual tobacco cigarette. It's almost like, you know, a a rarity. It's like spotting a wild unicorn in Mexico your net open a restaurant without a Darris for smokers. But they're not allowed to smoke in the Renault by opera that is motor part of the restaurant that that's amazing. What do you do for fun?.
"bill gross" Discussed on Bloomberg Radio New York
"Only days after a massive fire swept through it. The archbishop of Paris led a procession of the stations of the cross on the riverfront as work continues to stabilize the cathedral. I'm Barbara Kusak. Listening to Bloomberg radio special for this. Good Friday, April, the nineteen US markets are closed for the holiday. I'm Eric Schatzberg. Now, we turn to the final chapter of my hour long interview with Bill Gross. I sat down with the billionaire investor afterward his retirement Janice Henderson to find out. What's next will there ever be another bonking? Here's our conversation. I have a pretty hard time. Imagining Bill Gross logging off his Bloomberg terminal for the last time. I always thought they were going to have to try that keyboard from your coal fingers. The reality, of course, is that you may not be managing money for the people any longer, but you're going to continue managing money. What are you going to do after that door closes behind you here for the last time, we'll I'm gonna manage my foundations money with which is substantial I always thought that the foundation could be as large as could rival. Some of the largest ones and Orange County. Does it's a half a billion dollars. So there's that and then there's my personal money. And so there's lots to manage. How will you run your family office? How will you invest your money differently than others? I will strain even have an assistant doing I'm Alan. I've got a. You know broker. The volts not necessarily did Wilson the name, but I've been trading there for a long time to do the same thing. I don't need two or three or four people to. I don't want to four people. That's always been my problem. All the changes that you don't get up in the middle of the night to check your money in Japan. That's it seriously. Yeah. I get up at six thirty seven and stayed with it for two or three hours. And then I hope I go over to the Gulf course, actually here. Janice, not attempt. Go spent goes investment committees. Thanks to me. I guess droned on till three or three thirty every day. We met for two or three hours a day, which were very productive. But so it didn't happen here. So one o'clock, I would just walk Chris treating play golf. So I'll just walk across the street a little earlier and get an eighteen instead of Nive. Yeah. Hope you know, and it's only been two or three weeks her nose. I'm a type a type of personality and some point. I may. You know, one more or regret? You know, the stepping out at the moment. But. I think it'll be basically doing what I've been doing for the last four five years. People wanna know what you'll be investing in we talking about bonds. We talking about credit. Are we talking about stocks? We talking about futures. We'd talking about options the options and sewing volatility through the sale of options, which has worked to insert markets tennis. But. Is a structural alpha producing strategy of done at the right price. Did that? But mainly, you know, my foundation doesn't doesn't need Amazon doesn't need a whole. Holo foundation wishes. Don't it again. You're a bunch of. Yeah. That's conservatively run fundation same thing from Saint point of personal wealth. Would I would like to double it s I'm realistic enough to know that it's not necessary and probably not going to happen. So comfortable invested in closed in fines and municipal closed and funds right price in other situations that have a certain minimum yield, and it's sort of old maybe a little discount envy. Oh, yeah. Usually thirteen or fourteen percent at the end of the air is best chance. But. Yeah. So it'll be a little old school ish. I guess and conservative in boring, but you know, that's that's the requirement. I think at seventy four and what about your philanthropy? Where's that money going? Oh, it's it's a lot of places. I've been the foundation is now no longer the gross family foundation. It's the the William gross. Jeff goes, Jennifer Grice foundation to does my two older kids, and they'll be the successors in terms of when I kick the bucket, and so we have three votes. And we each. Rear submit requests for poses and analyze those through the year civil people that assist in terms of the field reports. So nothing like the the gates in terms of activity, which I applaud, but that's not me. But so we'll each have a a joint focus of my daughter Jennifer's, more focused on Africa and Flint through there. She's she goes over to the continent. Four five times a year a lot of groundwork consumed. So she'll be that Jeff is. Adopted the children's hospital, Orange County is a sponsorship and so little that way. And personally for myself, I like to get it into the hands directly in the hands of people that need it New York Times has near New York's neediest took Dacian where they find people that need money. And so I. I think for me. That's great. That's great way to to do it to us the near times the staff today. Find to get it into people. I also have a program called the chicken. For grandma named after John Beresford Tipton of the old TV program called the millionaire where he was the Butler millionaire, and he would hand John Beresford Tipton would hand checks to people at the door to remind. I have friends throughout the country that that I tell them I said fine people find through newspapers to whatever people and talk to them people need money, and that are worthy of the my. Send it to me. And I'll send them Tipton just gonna wanna cinema gross because if cinema gross check and the whole neighborhood will be doorsteps. But so I got Scott Stroud the country with the Tipton checks going to people that needed for for what for rent for washing machine for fix the car for whatever. But I I love that. Even though I never get to meet these people, I know they're benefiting from this type of activity. So so I'm unworthy kid. Right. Get it there. Whereas a gates would be more long term. He wants to solve malaria who wants the wonderful. I just different whether ever be another bond market king. I said I said, no this very presumptuous is this like. But I think realistically not not in the same way. Because. Like, I talked about earlier there aren't any philanthropies in a more. And James Carville probably wouldn't want to be reincarnated as the bond market like what he said. Those days have gone Carville wouldn't say that today wouldn't wanna be on earth today. So would be another bond king probably not in the same way because you know, to be king. You have to have a kingdom. I think the term partially. The fact that pimco got to be two trillion dollars kingdom pinta was certainly relative to the size of the market. I share and decisive. I was also mazed. I couldn't convince myself. I'd be I'd walk on the weekends. I go I go to trillion it's bigger than Bank of America. Then Goldman Sachs and Morgan I said what I go. We're wants the biggest institution in the world aside from some Japanese banks. Are what are hunted this happen? I go what did so? And that was a kingdom. And so I would think you've got a kingdom, and I don't know if that's really possible anymore other than index funds of which. If you are the king just in you, just a public. The markets making the decision. So. Probably not. But they're they're still experts in the bond, Mark, I especially liked Scott Menard. I think yeah. I think in the right environment twenty years ago, he could have been Abban Cain. He's got a great long term perspective in. But I don't think he's got the market or maybe the willingness to be a king her son that son who would want to be who would. I guess I did. In retrospect. Carries a certain Bergen. The crown is headache. He who wears the crown. Yes. Are there any other pretenders? Let's call them to the throne. That you admire that, you're watching whose careers, you think hold particular promise. I don't think so I don't necessarily have a prejudice against. Jeff gun lock. I don't know. I think there's I guess. Stickle Scott Menard, there's how many kings can be. Well in any one kingdom only one. Yeah. That's Bill Gross on investing. Life's challenges and what lies ahead in his retirement after a five decade career in financial markets. The former bond king says he wants to be remembered.
"bill gross" Discussed on Bloomberg Radio New York
"This is a Bloomberg radio special for this. Good Friday, April, the nineteen US markets are closed for the holiday. I'm Eric Schatzer. Let's continue my conversation with Bill Gross now. I sat down through wide ranging interview with billionaire investor and co founder of pimco most recently, he managed the unconstrained Bond-funded. Janice henderson. Up next we delve into deflation, central banks and fiscal policy. Have a listen, do you see a viable path out of money, printing and promised simulates, or is Japan the blueprint. That's maybe the question of the day of the hour. Wrote this seventy seven years ago gonna pull it from the puddle in my sink. Just just. Interesting question, can you solve a debt crisis with more in debt? Can you? So I wrote to myself you can if initial conditions meaning that levels are not excessive and creditors will accept repressive yields and the possibility of credit deterioration in the case of sovereigns. Downgrades tripled doubled a single whatever into continue to that keeps nominal yields below normal growth rates. If not credit markets will deliver and flee to money or money. Substitutes cash gold heart commodities that cetera repression recession and depression may then result. It's like I've wondered in your question about Japan. I've wondered when when money at negative interest rates will go to a mattress as the first to Bank, and in the case of institutional investors have to basically they they can't put their money in a mattress. They have. To put it on deposit with the central Bank of central Bank, says minus seventy five basis points, and that's what they're gonna get. So there's sort of like prisoners in this particular day limit. But but individuals on the on the outside mom and pop at some point. In europe. I simply say why would I pay somebody to take my money? Why would I not of course, that's the rational response. But that's what's happening. Irrational response. So how I guess what we're talking about is whether it can continue indefinitely, and this is always been my answer. He can as long as in Japan. It's been very successful. I wouldn't believe it, and and others wouldn't have believed it would filter the system would break down and inflation would be created cetera cetera. That hasn't hasn't happened yet. What what happens in what's? So slowly. Negative from the standpoint of a healthy economy is is that institutions like insurance companies and banks and pension pension, listenable pension funds assume that bonds will return four or five percent in their they're only returning one or two percent, Germany their negative. But the assumption is that it's on point they'll get back to that level when they don't then they're underfunded and at some point down the road to make up for that funding or they have to default. And so it's a slow this situation of negative and low interest rates. The slowly deteriorating situation from standpoint of economies because it destroys the savings function. Not just mom and pop which they could suffer for a long time. The ultimate question is that savers are being robbed of their just desserts relative to risk and certainly in Europe with the negative industry. So it destroys the function of capitalism were risk and return shouldn't over a long period time being Valance. So the equity market vigilante hasn't put the bond market vigilante out of business permanently just for now. And I don't I don't believe that the bond market vigilantes. I'm no longer in charge crispy serious that was ten or fifteen years ago. No, I'm thinking more in terms of deflation versus the tail risk versus inflation. As the fat tail risk. I I don't know how to commissure whether the scale is equal. But I do think that deflation for a number of reasons one. There's a lot of debt, and if interest rates go up the burden debt builds up interested, it becomes a burden and deflationary ultimately if interest rates rise, or even if they don't second will demographics are depressed deflationary, okay? For older people like myself, even in their sixties, don't spend this next need another house, another car. They just wanna they need more health care. But that's about it. So that's technology is very a deflationary standpoint as we know computers, but also Hammas on Amazon's deflationary, so those those are three substantial structural situations, which aren't changing debts not gonna change demographics winnow. The globe is getting older and technology will continue. That's deflation, the central banks are. Fighting. Okay. The central banks with their quantitative easing winter should say, okay, we must. We cannot deflate because the verdict dentist too large. And if we deflate then companies will go under and. The great recession will look like a fun little fun, right? As opposed to the world's largest roller coaster. So. It's this battle between central banks low interest rates and the deflationary forces that continue to exist. And so the question becomes consensual banks inflate that was your question of twenty minutes ago. What do you how do you structure a bun for fully these days? It's awesome. It's it's the coin flip. Let me ask you about modern monetary theory. I think in terms of monitoring fiscal policy that they're co joined becoming more and more the same one used to be that the fed and central banks with their own separate thing. And yes, they accommodated the treasury by buying desert point to keep industry low. But as we've seen in Japan, basically, the J buys everything that. The government issues. So they're almost one in the same. So it becomes a and this is this is almost like the the cell Siebel away. If you look at it this way. Monetary and fiscal policies are are together. Then why can't the government had a two trillion dollar deficit? If the fed is similar gonna buy it like they do in Japan. Well, Jim grantland say. Would be inflationary. But it hasn't. It hasn't been because of these deflationary forces, stay tuned for more of my conversation with Bill Gross, even after one of the most storied careers and financial markets. The former bonking has a few surprises left that straight ahead.
"bill gross" Discussed on Bloomberg Radio New York
"Unquote and foundation funds of my own so lots to do in terms of investing, but there's Hernan fees and. Managing institutions. Yeah. That's it. You really are calling it quits after almost fifty years of professional investing for others. Well, yes. And the question might be why that's that's what you're implying begging the weekend. I just thought it was time. We talked about you did over coffee, and I gave you the Babe Ruth story. But as days nears goodbye time to step aside and let the younger folks take over. But in addition to that for me. It was a situation where he just wanted to be able to relax a little. From the unproductive trades in the last few years, I would Germany and Japan twice eight to twelve thirty and sometimes at three thirty than up at four thirty. And in addition to that time situation like asleep situation for me, and I think for probably for many portfolio managers I always felt such a personal responsibility to what I was doing. And you know. Got to be hard when the numbers to be low. And so I said, you know, perhaps it's time to give myself a break and give them a clients break. But we miss oh, I think I'll miss. You know, just the constant activity of almost minute to minute would which belies the early my long-term philosophy of secular type of outlet. But within the context of a secular outlook managing portfolios as always for me. Minute to minute day to day and exciting from the standpoint of prices moving and hopefully moving your way, so miss that. It was like a drug a drug sorta like an endorphin after you work out that when you come in and you're doing well in the field create a problem being when you don't do. Well, feel depressed that Rian. That's the part of any portfolio managers job. I just think seventy four got to be a relatively heavy weight on my shoulders. I'm sure you remember Bill the conversation we had here in Newport Beach was almost four years ago. And after what I might describe as something of a bruising battle with pimco. I asked you why it hadn't retired then instead of starting a second act, Janice, and don't, you know, if you remember what you told me that you said you needed to prove something here self that quote, unquote. I still got it. What changed your mind? Well, it's four years down the road. And to be fair. The public numbers in terms of the unconstrained funds for not spectacular. As a matter of fact, that's a overstatement. There are no good. Although positive I think system I defense I managed a few total return against this like the pimco touring turn fund public institutional and beat the index one hundred basis once a year just like I did over there. So in that case, I proved the follow up Christian. Right. Be. So why didn't you written in the unconstrained universe? I think there's an explanation for that that I could give you if you'd like to hear it. So you're here. Well, unconstrained is different than total return. It sort of implies the freer university. And to some extent more risk taking some some clients assume it's Heggie to with portfolio, and some thing just to reverse that us more money market type of return. But but it got to a point where interest rates were so low and. If you weren't managing with a significant duration or a rural high risk it. It was a one or two percent type of return. And so and that in your mind wasn't enough in my mind wasn't enough. I thought my clients wanted more, and and so I became a little less constrained, which looking back and. Self criticism was probably always something pimco that was very much of a positive to be constrained to be to have those guardrails to be a measured risk taker which I always said I was so I became a risk taker but not necessarily measured and ran afoul of my old blackjack. Maksim that said you can never bet more than two percent of your steak meeting in this case every trade should be two percent report. Folio I wanted more. I stretched and obviously at seventeen. Yeah. Sure that the dealer had twenty. So I I had to go get it. But yes, I think that's a self criticism. I it's not that I slowed down or lost any brain cells or any enthusiasm for what I was doing. I still like just talked about was still getting up on the middle of the night and still worrying about clients and perception and all of that, which is driven me for fifty years. But yeah, I made a mistake. They're up next in my conversation with.
"bill gross" Discussed on Bloomberg Radio New York
"Comes after Muller a call for impeachment? I Mike moss was the Mullah report. Just the beginning. House Judiciary committee chairman Jerry Naveh resist to subpoena to the attorney general for the entire report ended supporting documents never tells WNYC radio he wants to launch major hearing we major hearings and barring Mallory just the first we will we will call a lot of other people. We'll see they are. And we will get to the bottom of this, and we will educate the country. What we're not Utah Senator Mitt Romney says he's sickened by the pervasive dishonesty of the president and his staff. Senator Elizabeth Warren is calling on House Democrats to open impeachment proceedings in oversight committee, chairman Elijah Cummings says he might someday support that we have a president who not only was he lying, but then he was instructing others though. I and deduce it new deceitful things. And so as they want us to be blinded by what we see the president today called critical comments by former staffers to Muller BS. This is the most somber date in the Christian calendar. Good friday. Now from the the the model Francis led the stations of the cross for worship person, Rome. Good Friday's the day. Christians believe Jesus was crucified. They starved and tortured twelve of their children yet today, some of those kids express love for their parents who were being sentenced in court in riverside, California. My parents.
"bill gross" Discussed on Bloomberg Radio New York
"Lifting a global grounding of its bestselling jet. But there are many steps in the FAA's assessment of the proposed fix and that process could stretch well into June. According to a person familiar with the matter stocks edged higher in Japan and China Tokyo's Nikkei and the Shanghai composite each rose about half a percent today. Markets are closed in the US and Europe for Good Friday. West Texas intermediate crude for may delivery, rose twenty four cents to sixty four dollars a barrel in the New York Mercantile Exchange yesterday, edging up two tenths percent higher for the week, Libya and Venezuela are wildcards when it comes. Global oil supplies as we hear from Bloomberg's Charlie Pellett. Mark, according to Bloomberg intelligence Libya's nearly one million barrels a day in crude oil exports could come to a halt if the conflict between the UN back government and warlord collie fath- tar escalates an export outage. Woodstock a surge in global. Crude prices supply could tumble another nine hundred ninety five thousand barrels a day if Venezuela and Libya were to lose another fifty percent of their production Libya's, domestic political crisis threatens to halt. Its crude exports while US imposed sanctions are keeping Venezuela's production in a state of freefall Charlie Pellett, Bloomberg radio. The French government is mobilising sixty thousand police nationwide after this week's fire at the Notre Dame cathedral. Doesn't seem to have deterred yellow vests from their plans to protest for the twenty third straight Saturday. Global news twenty four hours a day on air at tick tock on Twitter, powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm. Mark mills Bloomberg.
Oil prices inch up on signs of tighter global supply
"Mark, according to Bloomberg intelligence Libya's nearly one million barrels a day in crude oil exports could come to a halt if the conflict between the UN back government and warlord collie fath- tar escalates an export outage. Woodstock a surge in global. Crude prices supply could tumble another nine hundred ninety five thousand barrels a day if Venezuela and Libya were to lose another fifty percent of their production Libya's, domestic political crisis threatens to halt. Its crude exports while US imposed sanctions are keeping Venezuela's production in a state of
Pinterest, Eighty Three Percent And Twenty Eight Percent discussed on Bloomberg Special: Bill Gross
"News room, Pinterest and zoom. Video communications hit the public markets. Yesterday. In soaring. Initial public offerings setting the pace for other so called unicorn stocks racing toward IPO's zoom. Shares lived up to their name surging as much as eighty three percent before closing up. Seventy two percent Pinterest advanced twenty eight percent in its
"bill gross" Discussed on Bloomberg Radio New York
"Komi. She had heard from countless FBI agent to it lost competence in Komi now in this report reveals that what she said was not actually founded on anything. She acknowledged to investigate powerful storm system is moving east prompting the threat of severe weather in several states. Storm prediction center forecast or Jeremy Graham, says a number of southern states going to see some rough weather the most likely area for twenty dollars and damaging winds is going to be across central southern and eastern Mississippi, and that will spread into portions of western southern and central Alabama, and perhaps even the Florida panhandle Isabel at the closing bell. The Dow added one hundred ten points SAP gained five the NASDAQ was up by two. I'm Elliot Francis. And I'm Charlie Pellett at Bloomberg world headquarters, a move higher for stocks. The third weekly gain in a row for the S and P five hundred index up six tenths of one percent. This week holding above twenty nine hundred after data showed retail sales jumped the most since September twenty seventeen and unemployment claims fell and with more. Here's Bloomberg's Vinny. Del Jude ice retail sales rebounded in March advancing the most twenty for those posted the biggest gain in eighteen months in the labor market. Jobless claims hit a fresh forty nine year low. We could see more improvement the index of leading economic indicators rose by the most in September. Then he'd del Giudice Bloomberg radio. Honeywell shares up three point eight percent after earnings. What do it's numbers suggest about the broader economy, John inches senior analyst at Gordon Haskett research Honeywell, very big aerospace company, and they were big in warehouse automation. And both of those businesses continued to be very strong globally. They're not really Representative of the broader economy..
"bill gross" Discussed on Bloomberg Radio New York
"This is a Bloomberg radio special for this. Good Friday, April, the nineteen US markets are closed for the holiday. I'm Eric Schatzberg. Let's continue my conversation with Bill Gross now. I sat down for a wide ranging interview with billionaire investor and co founder of pimco most recently, he managed the unconstrained Bond-funded, Janice Henderson up next we delve into deflation, central banks and fiscal policy. Have a listen, do you see a viable path out of money, printing and promised simulates, or is Japan the blueprint. That's maybe the question of the day of the hour of. I wrote this seventy seven years ago gonna pull it from the bottom I seek. They're just Turkey. It'll be interested in your question. This can you solve a debt crisis with more in debt. Can you? So I wrote to myself you can if initial conditions meaning that levels are not excessive and creditors will accept repressive yields and the possibility of credit deterioration in the case of sovereigns. Downgrades tripled doubled a single whatever into continue to that keeps nominal yields below normal growth rates. If not credit markets will deliver and flee to money or money. Substitutes cash gold, heart, commodities, etc. Repression recession and depression may then result. It's like I've wondered in your question about Japan have wondered when when money at negative interest rates will go to a mattress as the first to Bank, and in the case of institutional investors to have to basically pay they can't put their money in a mattress. They have. To put it on deposit with the central Bank in the central banks, minus seventy five basis points, and that's what they're gonna get. So there's sort of like prisoners in this particular day limit. But but individuals on the on the outside mom and pop at some point. In europe. May simply say why would I pay somebody to take my money? Why would I not of course, that's the rational response. But that's what's happening. It's the irrational response. So how I guess what we're talking about is whether it can continue indefinitely, and this has always been my answer. He can as long as in Japan has been very successful. I wouldn't believe good. And and others wouldn't have believed it they would have felt the system would break down and inflation would be created cetera et cetera. But it hasn't hasn't happened yet. What what happens in what's? So slowly. Negative from the standpoint of a healthy economy is that institutions like insurance companies and banks and pension pension funds. Listenable? We're pension funds assume that bonds will return four or five percent of their their only returning one or two percent, Germany, they're negative. But the assumption is that it's important they'll get back to that level when they don't then they're underfunded. And at some point down the road, they have to make up for that funding or they have to default. And so it's a slow this situation of negative and low interest rates in societally deteriorating situation in statement for the economy's because it destroys the savings function. Not just mom and pop which they could fake suffer for a long time. The ultimate question is that savers are being rug of their just desserts relative to risk and certainly in Europe with negative industries. And so it destroys the function of capitalism were risk and return shouldn't over a long period time being balance. So the equity market vigilant hasn't put the bond market vigilante out of business permanently just for now. And I don't I don't believe that the Bunga get vigilant these little longer in charge crispy serious seven that was ten or fifteen years ago. No, I'm thinking more in terms of deflation versus the bacterial risk versus inflation as the fat tail risks. I I don't know how to measure whether the scale is equal. But I do think that deflation for a number of reasons one. There's a lot of debt, and if interest rates to go up the burden dead builds up an interested, it becomes a burden deflationary, ultimately if interest rates rise, or if they don't second will demographics are depressed deflationary, okay? For the older people like myself, even in their sixties. Don't spend us next. Don't need another house another car, they just want. They need more health care. But that's about it. So that's technology is very a deflationary from the standpoint of as we know computers, but also Amazon Amazon's deflationary, so those those are three substantial structural situations, which aren't changing debts not going to change demographics. We know the globe is getting older and technology will continue. So that's deflation, the central banks. Fighting. Okay. The central banks with their quantitative easing, their low interest rates say, okay, we must. We cannot deflate because the burden of debt is too large. And if we deflate than companies were well under and. The great recession will look like a fun little fun ride as close to the world's largest roller coaster. So. It's this battle between central banks low interest rates and the deflationary forces that continue to exist. And so the question becomes consensual banks inflate that was your question of twenty minutes ago, who what do you how do you structure a bun for fully these days? It's it's a toss up. It's a it's the coin flip. Let me ask you about modern monetary theory. I think in terms of monitoring fiscal policy that they're co joined or becoming warm or the same one in the center it used to be that the fed and central banks with their own separate thing. And yes, they accommodated the treasury by buying Denver certain points in order to keep industry low. But as we've seen in Japan, basically, the B O J buys everything that. The government issues. So they're almost one in the same. So it becomes a and this is this is almost like the the South Sea bubble in way. If you look at it this way. If monetary and fiscal policies are are together. Then why can't the government had a two trillion dollar deficit? If the fed is similar going to buy it like they do in Japan. Well, Jim grantland say. Would it be inflationary? But but it hasn't it hasn't been because of these deflationary forces, stay tuned for more of my conversation.
"bill gross" Discussed on FT News
"But it also probably explains the largest and also why he was successful in the first place. I think. Yeah. So he's looking back at his former colleagues and underlings and saying please excuse me, if I was a bit grumpy and didn't really catch your eye because actually I had a syndrome one next for Bill is he just going to disappear into the sunset and play golf and had a good time. Or is the one lost big deal? All number four him. Well, I mean, he's quite literally this variant of the sunset in week or so he's going on an extended holiday to Bora Bora with his new girlfriend and swim with shocks there. He said after that you'll come back and mileage, you know, what is still a fairly considerable fortune and foundation hot Taiwan's. He plays golf and enjoys life. The way he talked about it was that he's starting to see more obituaries in the paper and for him. But it was a pretty strong message at maybe, you know, after forty years of doing this full time obsession that may be the time had come to finally start enjoying life. But so that's what he was planning. And obviously he's very involved in philanthropy. And I think I suspect that we'll hear from Bill Gross from time to time because he's still managing a decent amount of money. Bill Gross is Bill Gross. And he probably will still want the limelight. Well, robin. Thank you very much. I don't have a track record Vegas. But if I was to make one bet I would say that we haven't had the loss of Bill Gross. Let south. That was really what was worth talking to. Alec Russell with creeks from Bill grace, and you can find a link to the interview in Shannon's thanks for listening. Remember, if you're not ready a subscriber would like to discover more content. You can find our latest subscription office at FDU dot com forward slash offer..
"bill gross" Discussed on FT News
"I remember, I was the news editor the tea and someone. I'm running up to me and said Mohamed Al Arian the chief executive of pimco and gross his right hand man has stepped down two thousand fourteen was a big moment for gross. It was when his judgment was finally publicly cooled into question and eventually had to leave. What did you learn about that turn of events? No, it was a pretty dramatic lapse of what will the presentational career up to that? And I think I was the one that went to run up to you and told you about that at the time. So the law breaking use of time so Bill grosses results started trailing off a two thousand eleven two thousand twelve had phenomenal financial crisis pip, go and gruesome south had managed to see the troubles ahead manage decides that that mess, but by eleven he started losing his, touch, and this is a man that's used to thinking is walking water that started exacerbating. What was always a fairly difficult personality and eventually Mohammed area. Hayes CEO code chief investment officer seemingly had enough an abruptly quit. And that was the beginning of the end of growth at pimco because area had played pretty volatile role is. Sort of an shock absorber between growth and the rest of the organization, and suddenly all these other senior executives how to deal with him directly and that crew pretty tough. So by the end of that year, they'd gotten so fed up that many of them were threatening to quit and they decided to instead our Bill Gross. And that's why he suddenly before getting achy sat he then jumped shit for Janas Henderson, who's in his words, rather walk the plank voluntarily them be pushed. Deliberately okay. Resigned from the from. Always thinking longer. Strapping her on the ground. Owns stocks person stuff. Even the street. To see me. Dushi? So. So that's over genius. Walking this. More frightening. The leader. He spoke very powerfully that this. I'm going to quote here from your interview with him. They find me, and I'm never going to get over that. What it wasn't just pimco that was causing him some distress. He mentioned that it was his professional family will his family life as well came under terrible stress. And he spoke rather movingly and an an openly about that to you. I think yes. That was a fascinating about Bill Gross. And has always been fascinating is that in an industry with monochrome characters that Sean away from being transparent in Oakland about things he was brutally open about both his professional challenges. But also his personal ones. I mean once this was all going on. He was also going through a break up with his second wife, sue gross, and they divorce a couple of years ago. But I think the build up to that divorce. What came later was even by the scale of celebrity divorces, pretty nasty and brutal and clean left some pretty severe emotional scars as well. The other thing that I was very struck by apart from all his insights into the world of finance in his career was his revelations an openness about Asper ges, which I think he's never really spoken about before. No, he hasn't. He made it a beak reference to it. If you years ago where he mentioned that he shared an affliction. With another person in finance that aspect is. And that led to some speculation, but not much, but you can't keen to me and talk about how he discovered it. It was Michael Lewis had written a book about some of the economy class that sold the financial crisis happening. The big short. It turned into a film and the character Michael berry who played by Christian bale in the film discovered later in life. They had asked us and in that book Michael Lewis list, some the common symptoms of when Bill Gross was reading that book. He realized the mixture of avoiding icon theft, which I very much noticed during lunch and offered or obsessive personality and old habits. All brilliant, nailed him. So you went to wife and said me and later in the course of the divorcee source. I contrast you confirm that he's definitely an aspect is. So he thinks that this explains. Nhs some of the prickliness. Some these shoes of why things went so badly at pimco..
"bill gross" Discussed on FT News
"Hello from the newsroom of the financial times in London. I'm Josh noble. The career of Bill Gross once known as the bond king came to a rather humiliating end. This year, Robin Wigglesworth who interviewed the former fund manager for lunch with the F T shared his impressions with Alec Russell F T weekend at. In back in is really bad. Definitely not looking for every penny. Forget. We were known as bad asses. We were looking for every penny. We could get so that was Bill Gross. In a recent interview with the F T for many years. He was known as the bond king. And this was for his extraordinary success in reading the bond markets and in his era of hegemony, practically any move. He made any decision he made affected the markets. It affected the financial times. But now he's had something of a dramatic fall from grace. He split some years ago from pimco, the investment firm, he founded, and I think it's fantasy his performance faltered, the rather smaller firm of Janus Henderson where he sought refuge. So now, he's retired. And he can be seen from time to time hanging out at his country club, Robin. You met him there recently for lunch. How was this former legend of finance looking after the tribulations of the last few years, he was looking pretty well, actually. He had us like call from some sort of minded bug. It was February of cools. But is Orange County. So sunny weather was great any look trim healthy and pretty contented for man. Who's actually had a pretty shocking few years. Well, I guess it's fair enough. One could argue intellect pretty contented because I think I'm right in saying Forbes puts his foot unit one and a half billion dollars. And he presided over one of the most successful investment firms in history for a long while based on your conversation with him, and what you know about him tell us how does he fit into the recent history of finance? How big is his contribution to that world. Well. There is a lot of debate around this still I think he is a giant. He's a genuine giant of the finance industry. When I saw it out as a financial journalist years ago, many more years, and I can't remember I remember my trainees Bill Gross as the example of the ultimate celebrity for the finance industry. He wasn't just somebody can make a break the fate of a company or even a country. He would do so in this colorful controversial bone mall in one of his investment letters, or a TV appearance grows pretty much invented. What? On investing is today. Back in the day, people didn't trade bones, and this was pre eletronic era, some bones were actually, physical pieces of pay to the captain evolve. But then when the market started to change gross with the first person that we use up the trade bombs to said, you trade a stock. So you kind of invented what we think of the boom the industry is today. One of the remarkable things I find when re. Reading about his career is that I think is right to say he actually effectively started his career in finance in Vegas playing blackjack. Tell us about that fascinating stories of Genesis story. You don't really hear that often? But he wants having terrible accident whilst he was studying psychology juke and his words it almost scalped him when he went through the cough and while he was recuperating going through series of surgeries hospital. He read a very famous book blackjack, call beat the dealer written by famous gambler and mathematician, later hedge fund manager, call Ed fork is a bit of a legend in his own, right. So after college in hospital, Bill Gross went to Las Vegas, and so two hundred dollars inches trousers devoid getting robbed and he found that he pursued how he could and manage to turn that two hundred dollars into ten thousand dollars in five months that of course, was still pre hogs..
"bill gross" Discussed on Bloomberg Radio New York
"Tucker and ecology. On Bloomberg radio. Thank you once again for joining us as we take a look into hedge funds, and as it management Bill Gross made a big announcement earlier this week when he announced he was retiring, he spoke in an exclusive interview with Bloomberg's Tom Keene about how he came to this decision. On retiring, I did it near laterally in in combination with my family and my partner, Amy Schwarzer. I'm having so much fun with you know, it's been almost a half a century watching screen style. The middle of the night to Turkey, Asia and Europe and Tom Brady equivalent years. That's a long time. I've got a few Super Bowl rings along the way to look at. And it's time to enjoy myself and enjoy my family here with us to talk more about Bill Gross and his impact on the industry is John Gittleson. Bloomberg news reporter from LA bureau. John, can you tell us for those that might not be as familiar with Bill Gross his career? Why is he considered such an investing giant Bill Gross pioneered, the total return strategy, basically he made bonds a popular investment for the average median moderate investor? He his strategy was basically not only trade Bahn for clipping coupons which was the original reason. People would hold them, but also to create portfolios and buy and sell bonds within that portfolio based on their price. And so he would constantly be trading bonds in and out of his folio to maximize. Both the price gains that he could get from trading them and get revenue from clipping coupons the interest paid on bonds. He was so successful at it that at one point the pimco, total return fund became the world's largest mutual fund. Correct. Yeah. That's right at its peak in twenty thirteen it had almost three hundred billion dollars in. There are some vanguard funds. Now that if you mix all of the classes together in the of the strategy have more than that. But at its time, it was huge and pimco itself had about two trillion dollars in assets. So they could really move the markets and Bill became very popular because he was a writer of very creative writer and had a nice turn of phrase and was very courageous in a lot of its positions that he would take and also he would go on TV back in the eighties. He went on Lewis, rubik's Kaiser's Wall Street week in review, or whatever it was called. And eventually they built a studio in him coast headquarters because that way build enough to spend a budget time driving around in southern California. Get the TV studios made him famous and attracted a lot of money. And it was great to interview him, John because you could watch the headlines cross as you talk to him, and he would move markets because he was running so much money essentially in some ways was the market, right? Well, pimco in many ways was a huge part of the market like it really became clear after the two thousand eight financial crisis when the fed and treasury brought in pimco to help them. Resolve a lot of the, you know, dead debt that came out from the bad banks from AIG and all of the Wall Street firms have basically Wall Street, Tim Geithner took over and pimco was responsible for bringing that back out to the market and trading on it. So yeah, they could make a big difference. They still make a pretty big difference. I mean, not long ago unit credit Italian Bank was in a lot of trouble. They needed to raise money. Pimco bought a lot of their. Bonds at a very good discount. And now those bonds are, you know, backup at park and UniCredit itself is on more stable footing. So they are able to come in by huge, lots trade Hughes. Lots still now we've mentioned a couple of firms here, I should point out pimco Pacific investment management company and Janice Henderson where Bill eventually wound up. He helped found pimco if I'm correct tell us why he left pimco he had been there for more than forty years. They were incredibly wealthy and mainly because of or largely because of bills reputation he built up a huge team of people. He also collected about twenty percent of their bonus pool back in twenty thirteen that was almost three hundred million dollars. But there was a big division at the firm Bill had his ideas, and he would sometimes take big risks in two thousand eleven for example. He decided it was going to be a bad year for treasuries. He sold a lot and his performance of its total return fund. Didn't do very well. There are other people. Like, Dan Iverson who had a different strategy who was doing very well, and yeah, had a sort of different vision for the firm Bill could be a very mercurial guy to work for one minute. He would blow hot like go out and create a new part of our company that does blah, blah, and the next minute. He would turn around and go why did you spend all that time trying to create that new part of our company to blah, blah, you know, and so people felt whipsawed people felt like he was getting a big chunk of money that you didn't necessarily earn because performance wasn't that good? And they they sort of there were a lot of power clashes basically and enough people said it's Bill Gross or me that eventually the owner of pimco allience air executives stepped in and said Bill, we got. To figure out a way for you to get out of here. Bill instead of gracefully retiring at that time decided I'm going to show those guys I'm better than they are any matched up with his old friend, dick wile who used to work at pimco. But now at that time ran Janice, and he decided I'm gonna go to Janice he jumped before he was pushed basically, and so John how has its performance en while at Janice. The smaller firm that eventually in the last couple of years since Bill Gross joined actually merged with the London based firm, and is now known as Janice Henderson what's Bill his performance. Like Ben like as he ran the unconstrained bond fund there. Yeah. Well, the unconstrained bond fund just a little background here is a different strategy from the total return strategy. Total return is basically, you bet that you know, bonds will have returns over longtime unconstrained as its name implies is ago, anywhere strategy, and you can short bonds, you can buy all different kinds of assets sort of mix and match whatever you want. And with this great latitude Bill decided that basically the long era of falling rates was at its end. So he shorted debt, especially a lot of European debt. Like the boot he thought rates there. We're gonna rise as US treasuries rose that didn't happen because central banks are so involved in messing around with the way rates move in whatever direction that the market wasn't working basically Bill lost a lot of money on those bets. Don, thank you so much for your great reporting this week on one of the biggest stories of the week, Bill Gross retiring the investing industry s John Gittleson, Bloomberg news reporter in our L A bureau. Majesty hint, Bloomberg finance,.
"bill gross" Discussed on Bloomberg Radio New York
"But as far below the forty dollars that it saw back in one thousand nine hundred nine alright if he used the messaging platform slack listen up, or if you want to be an investor because it's moving along with its plans to go public. Filing, confidential paper work with regulators. Bloomberg's Zeleski says the company will forego a traditional initial public offering. They're going this out for two reasons. Mainly because. They already have a lot of cash they're sitting on a lot of cash right now. And they don't need the marketing or the PR the publicity the recognition that comes with the traditional. They really just want to give their early investors and their employees some the quitting and slack is said to be working with Goldman Sachs Morgan Stanley and Allen and co on that share sale legend of money management is calling today. Bill Gross brings his forty seven year career to an end with the genus Henderson unconstrained bond fund leaking assets and barely breaking even now the funds saw sixty million dollars of redemptions in December marking a tenth consecutive month of outflows gross will be seventy five in April and says he will now concentrate on managing his own assets and his charitable foundation. All right. Let's market check. Because US stocks rose for a fourth day in a row. More from Bloomberg's Charlie Pellett in this Wall Street wrap technology shares led the advance in thin trading ahead of. A fresh batch of earnings reports prospects for trade truce also on the minds of investors. Kara Murphy is chief investment officer with United capital financial advisers, the longer that this through this few carries on the more impacted has on, you know, future hiring that CEOs are doing or that next factor that they're going to build so having a resolution and will serve Rian confidence. S and P five hundred index up eighteen up seven tenths of one percent. Dow Industrial's up one hundred and seventy-five also up seven tenths NASDAQ up eighty three up one point two percent in New York. Charlie Pellett, Bloomberg daybreak Asia. All right. Well, we'll take up. Go ahead. Go ahead now. Okay. You go ahead. All right. Let's do that close up look at what's happening in financial markets as our Asian trading day gets underway. Here's Bloomberg's Doug Christner. Doug, well, Remy as you indicated many markets in the APEC region are closed for the lunar new year holiday. Japan will be open at the top of the hour. Nikkei futures trading in Chicago have. Us up maybe seventeen points or so above where we finished in the cash market yesterday in Japan. Australia trading for the first time since the government reported on misconduct in the banking industry. You were talking about the report from the Royal commission earlier look at the ASX two hundred up by one and a half percent. So for the moment looks like some of the big banks down under have dodged a bullet. We had a much stronger dollar during New York trading with the Bloomberg dollar spot index rising about three tenths of one percent. A weaker euro here a buck fourteen thirty seven and the yen was down about three tenths of one percent against the greenback. We're trading right now at one oh nine ninety six. I mentioned down under. Let's get to Sydney. Bloomberg's Paul Allen. Who can give us a little more insight into the the banking shares this morning. Good morning, Paul. Yeah. Morning. Dug into you mentioned that report into misconduct wasn't exactly the explosive document. We were expecting there was some harsh words for the banks. Demands regulators do a better job. But. Some of the more extreme measures that could have happened like the breaking up of the big banks back was not recommended. So yeah, we're seeing the financials charging at the moment that sector up three point six percent abroad. IS X beta by one and a half percents. Westpac Bank up nearly six percent Brighthouse or the banking sector performing pretty well. Over New Zealand. Meanwhile, the index high by a third of one percent the declining a little seventy two spots, so one eight now we have the fist Reserve Bank of Australia meeting of twenty nineteen and no changes. All right. Thanks to Mubarak's. Paul Allen yield on the US ten year treasury last quoted at two point seven two percent Ramey. All right. Let's do.
"bill gross" Discussed on Bloomberg Radio New York
"Maxwell is up one and a half percent Tesla's down one tenth of one percent. That's a Bloomberg business flash. I'm Greg Jarrett. This is Bloomberg markets with Lisa Abramowicz impulse weenie on Bloomberg radio. Bloomberg markets brought to you by sector spider each swipe, buy a single stock when you can invest in the entire sector, visit sector SPD S dot com or call one eight six six sector ETF. It is the end of an era Bill Gross the erstwhile bond. King of pimco went to Janice said he was retiring after a period of mixed performance. If you want to hear what you have to say, let's listen, I'm Bill Gross in his own words, speaking with Bloomberg's Tom Keene earlier this morning about his performance. You know, I look back on it. And the performance on the unconstrained fund in the past four years with China's has been unsatisfactory, no doubt. But still positively. Positive and normal and nominal terms. Joining us now in our Bloomberg. Interactive brokers studios is Peggy Collins investing team leader for Bloomberg news. Peggy really interesting. He had an amazing run. At pimco a falling out in two thousand fourteen went to Janice since then his performance highly underwhelming. That's right. And also not a lot of money followed him to ten so when he left I remember the morning he left pimco of September twenty fourteen people were shocked. We were scrambling around the newsroom trying to put the story out fast. And he basically at that time jumped to Janice where he had loved then longtime friends with dick wile who was running Janice at the time out of Colorado. A couple of years later Janice merged with Henderson group in London. And so now, it's a big London based firm that he's a part of but Bill Gross maintained a solo act in Newport Beach for a long time over the last few years and we've just seen the assets in the fund. Deplete they dip below one billion at the end of last year and his performance as you said has really lagged about less than one percent over the anyways for years. So it's been it's been a struggle since he left pimco so Pegasus yet another example in the decline of the active manager, I will say it is it is a signal in terms of how difficult it is to be inactive manager. I think in general bond funds have had fewer outflows than equity funds. We've really seen a lot of investors. Pour into particularly US stock funds on the passive side rather than active but bond fund managers in part because there's not as much of a delta between the expense ratios on bond funds, passive or active. They have held up somewhat. But to your point it is an indication of how hard it can be to do. Well in an active fund. It's interesting because he was known as a bond king the bond king. Is there another bond king? That has taken built grosses place. You know, I think it's hard to say right now. I mean, he certainly was the person who built up the bond industry in terms of the total return fund pimco pimple became the world's largest mutual fund manager while he was there. It reached a three hundred billion in assets by twenty thirteen at the peak. So I think he really became the face of bond funds and investing, and he was on TV a lot. He did investor letters tons of people had the total return fund at pimco in their 4._0._1._K plans. But I don't think we have someone to that degree and in part because it was something new at the time in hindsight Peggy what what is probably the call here about what happened to Bill Gross in terms of performance has such a good run there as you mentioned, then the most MAURICE performance has been underwhelming infested. He just the market just kind of move away from did he dismiss the evolution of the fixed income market. I think one of the things that may have happened was he changed his strategy. And he noted this today to Tom keen on the interview with Bloomberg radio and TV that he wished in some ways that he might. Have stuck with his total return strategy, which he really pioneered a bit more and Ben a little bit more constrained, Lisa. You know, these funds really well, but these unconstrained bond funds which Bill Gross ran one at Janice. They were really unveil after the financial crisis and lots of bond manager said they're going to be the greatest thing because we can go anywhere. When interest rates start to rise. We'll be able to move and groove to be a little bit more difficult than that they had higher fees than other bond funds, and the whole argument was predicated on this idea of rising rates have rising benchmark yields which Bill Gross ascribe to he thought that either he shorted ten year treasuries when the yields worth three three and a half percent. That was not right. But I do have to wonder how much of the active model is broken Bill Gross in particular. Homing in on hedge funds and saying that that model is broken. Take a listen to what he had to say. Obviously the hedge fund concept suggested long and short, but it was really one in which managers took a lot of risks. Yes. So when you speak to diversification, perhaps most of those hedge funds were non diversified in terms of the risk that they were taking they were taking levered risk and still are. So he was talking about hedge funds Bill Gross this morning in a conversation with Bloomberg's Tom Keene. Of course, he himself also took unlevered risk but in mutual fund format, right? And again on this uncontrolled bond fund, they had a lot more latitude versus the total return fund that had a lot had to stay more constrained and take more measured risk. So when you have the ability to take big risks. Sometimes it goes very well. And sometimes it goes very sharply down the other way. And we saw they'll grosses fund in the spring of last year really take a dive on a couple of bad bets. That he had made in relation to the German bunt. So, and I think on hedge funds, you know, he makes a good point at a lot. We've seen a lot of the hedge funds kind of bird together into long vets with with the FANG stocks. And then when things turned the other way, kind of they go go in tandem downward. So I think his point is made. But I do think he you know, he struggled over the last few years. We saw a lot of investor redemptions. He did say on the interview today on Bloomberg radio and TV that he believes his legacy stands because for his over his four decorated mo- more than four decade career in the investing market. You certainly had great returns pimco Peggy cons. Thank you very much for bringing us up to date on really momentus news in the fixed income world here Peggy cons investing team leader. Bloomberg news..
Fiat Chrysler to phase out diesel by 2021
"Us employers extended a streak of solid hiring in may adding more than two hundred twenty thousand jobs unemployment rate now three point eight percent facebook says it shutting down its trending news section because it's outdated and unpopular global news twenty four hours a day on air and tick tock on twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries martin now with our other top stories i'm schneider bond market billionaire bill gross blames his big loss this week on italy grossest janice henderson global unconstrained bond fund fell three percent on tuesday that was its biggest one day decline in almost four years he tells bloomberg tv the reason was a widening gap between us and german bond yields triggered by nervousness about italy's political situation fiat chrysler ceo sergio marconi is claiming victory bloomberg's gina cervetti has the story in his last big presentation as ceo of fiat chrysler before retiring next year mark yona said today that the italian american carmaker will this month hit its long held goal of having no debt as it turns its focus to making more electrified cars as he announced the company's five year plan mark yanni broke with personal style and donde tie instead of his signature sweater as he said he would if the.
Mormon church, Boy Scouts to end century-long relationship
"Three out of four manufacturers struggling to find qualified workers jason brooks cbs news in today's government reports the labor department will release the producer price index for april and the commerce department will release wholesale trade inventories for march taking a look at the future's all in the green the snp up thirteen the nasdaq up twenty seven the dow currently up one hundred and thirty five points wbz news time five oh nine the states cannabis control commission is correcting a mistake that almost approved the wrong marijuana businesses for priority licensing the commission says during its review of marijuana businesses requesting expedited license ten applications were mistakenly put on the approved list instead of the rejected list the commission's executive director sean collins says the review process itself was accurate but a clerical error put the candidates in the wrong column the commission will be in touch directly with the affected applicants a delta airlines flight from detroit to denver it was evacuated after landing tuesday evening at denver international airport following reports of smoke in the cabin we get more from abc's alec stone the delta airlines md ninety had one hundred forty six passengers on board it had just landed in denver from detroit when passengers say they started choking jim mcmanus was on board we landed and all your on the taxiway cabinet circa phyllis smoke evacuation was ordered passengers jumping down emergency slides and standing on the wings to get away from the smoke there were some minor injuries but delta says no sign of actual fire on board alex stone abc news the longtime alliance between the mormon church and the boy scouts of america is over the mormon church says it will sever all ties with the boy scouts at the end of this year moving its remaining half billion boys into a gospel focused youth program instead it ends a century old relationship with a religion that has long been the boy scouts biggest sponsor this follows changes to the organization clothing allowing gay troupe members girls in the ranks and new name to reflect its gender inclusive nature a millionaire reveals his first childhood hobby that eventually netted him a small fortune legendary bond investor bill gross says when he graduated high school is mother gave him a stackable postage stamps and she'd collected for him over the.
U.S. trade team arrives in Beijing for talks, China media cautious
"The euro dollar nineteen ninetythree and began went oh nine point five two bum thank you and karen noted the dollar is weaker this morning after a federal reserve policy statement that was less hawkish than some expected bloomberg's john tucker joins us live with reaction now good morning john good morning bob the fomc acknowledged that inflation is now close to their target too many it suggests a dovish tone i think the statement is loud and clear mission accomplished that scott bernard guggenheim google chief investment officer janice henderson that legendary fund manager there bill gross maintains his stance that the fed will be done with one more rate rise expect a rate hike by la i don't expect two or three or four or five or six going forward i simply don't think they can do that diane swonk the chief economist at grant thornton takes an opposing view to overshoot on inflation even as they're raising rates and allowing unemployment to continue to fall i think we're gonna get to four rate hikes this year fed officials may have signalled willingness to allow inflation to exceed two percent goal somewhat by getting a reference to the symmetric nature of their target john tucker bloomberg daybreak all right john thank you on the trade for unto treasury secretary steven mnuchin and the rest of the us delegation have arrived in beijing and trade talks with china are underway bloomberg's tom mackenzie reports from beijing lack of clarity around the specific from the us side and some demand and certainly that is appointed aggravates their chinese hosts right now they offering down mnuchin and his team with their chinese counterparts those talks will continue tomorrow as well the chinese have already said leading up to these talks that they will not be essentially bullied by the us insane political system means that they'll be able to weather the storm of any trade friction should they continue to be exacerbated china has said it will not agree to preconditions set included abandoning its advanced manufacturing program and cutting the trade gap by a fixed amount onto some corporate news now starting with tesla the electric car makers firstquarter results initially sent.
"bill gross" Discussed on Masters in Business
"Compound well that's a pretty big inhibitor sure to that because the ability to get out of the way of the oncoming freight train the bility to load up on an asset when it's really cheap that's really how you compound wealth through time and so that benchmark free investing which was originally the where to hide port folio no really has been part of our dna since nineteen ninety nine wasn't until oh one that somebody gave you know had the gumption to give us some money to invest and how has a portfolio done since and how much assets has it attracted i'm it it's done very well versus stocks and bonds or any combination of over that very long period that it's compounded i don't know off the top of my head but much higher than stocks over that time period half the volatility gotta sharpe ratio of over one well sure from two thousand to two thousand and two thousand twelve at us equities effectively flat with a ton of volatility in between and bonds just kept getting bedroom bedroom better over that time so now looking at real plus five from here with what a number of high profile bond people be bill gross or jeff gone locked have pretty much declared the bond bull market over what what's your outlook on bonds from here does gmo see the bond market and that bond bull run that dates back to fed chair paul volcker is that still having life left to it or is gross and unlock correct the best years of the bond will market or behind us over the intermediate to long term i think it's hard to see.
"bill gross" Discussed on TEDTalks (audio)
"You're listening to a special archive presentation of ted talks audio this talk features idea guy bill gross recorded live at ted 2015 i'm really excited to share with you some findings have really surprise me about what makes companies succeed the most what factors actually matter the most for startups success i believe that the startup organization is one of the greatest forms to make the world a better place if you take a group of people with the right equity incentives and organize them in a startup you can unlock human potential in a way never before possible you get them to achieve unbelievable things but if the start organization is so great why does so many fail that's what i wanted to find out i wanted to find out what actually matters most for startup success i wanted to try to be systematic about it avoids on my instincts had maybe misperceptions i have from so many companies i'd seen over the years i wanted to know this because i've been starting businesses since i was twelve years old when i sold candy at the bus stop junior high school to high school when i made solar energy devices to college when i made loudspeakers graduate from college start software companies and twenty years ago i started idea lab and the last twenty years we started more than one hundred companies many successes and many big failures we learned a lot from those failures so i tried to look across what factors accounted the most for companies success and failure so i looked at these five first the idea i used to think that the idea was everything name my company ideal lab and how much i worship the aha moment when you first come up with the idea but then over time i came to think that maybe the team the execution adaptability that matter even more than the idea i never thought i'd be quoting boxer mike tyson and the ted stage but he won said everybody has a plan until we get punched in the face.