QOTD: So many eyes, so little vision

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The departure of Mr. Gross should teach advisers and their consultants a lesson about how little they know about how their clients' money is being managed, according to investment consultant Tom Brakke.

“Of the hundreds of due-diligence reports that were written on Pimco up until El-Erian's departure, how many of them talked about potential cultural conflict?” asked Mr. Brakke. “How can it be that we have all these eyes on an organization and that nobody got wind of the fact that there was something organizationally that wasn't right?”

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