3min chapter

Odd Lots cover image

How Bill Gross Built a Bond Empire And Then Lost It All

Odd Lots

CHAPTER

Is This a Great Mortgage?

In the mid eighties, pimco did a trade on jinny may futures that basically broke that market forever. They read into the details of the contract and figured out how to make lots of money from it. And then they demanded physical settlement of the futures which is to say, give me your cheapest to deliver.

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