a parable in two paragraphs

Late last year, in front of a number of traders, Mr. Gross said, “if only Mohamed would let me, I could run all the $2 trillion myself…I’m Secretariat,” referring to the famed thoroughbred. “Why would you bet on anyone other than Secretariat?”

Pimco’s performance added to strains. Mr. Gross’s $237 billion Pimco Total Return fund lost 1.9% in 2013, the first year the fund posted a negative return since 1999, although it narrowly beat the benchmark Barclays U.S. Aggregate Bond Index, which fell 2.02%. Investors yanked a net $41.1 billion from Mr. Gross’s fund—more withdrawals in a year, in dollar terms, than any fund in history, according to Morningstar, although it remained the world’s largest bond fund.


Inside the Showdown Atop Pimco, the World’s Biggest Bond Firm (Wall Street Journal)

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