QOTD: The Bond Paparazzi

What can you do at Janus that you couldn’t at Pimco?

"Janus is a much smaller shop. Obviously, there will be fewer executive and people responsibilities, so I’ll be able to devote more time to managing money, as opposed to managing an organization. I’ll still be intense; I figured out long ago that I can’t change that. But the intensity and decibel level drop a bit in a smaller place. Also, common sense suggests that it will be easier to implement ideas in a $100 million portfolio than in a fund with more than $200 billion."

Did Pimco Total Return finally grow too big to manage effectively?

"I don’t want to get into that. Total Return had advantages and disadvantages because of its size. All I can say is: It will be easier to establish positions without the press noticing on a daily or monthly basis. The bond paparazzi will be less interested in Janus than they were in Total Return."