Odd Lots

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

Apr 4, 2022

Matt Levine, a Bloomberg Opinion columnist, and Mary Childs, author of "The Bond King" and NPR's Planet Money co-host, delve into the fascinating rise and fall of Bill Gross. They explore how Gross transformed bond investing from a dull practice into a lucrative trading empire through unconventional strategies. The discussion highlights his pivotal trades, internal PIMCO dynamics, and his complex legacy. Childs reflects on how personal rivalries shaped investment cultures, while both guests emphasize the pressing need for diversity in finance.

45:00

Creator website

Episode guests

Mary Childs

Matt Levine

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Episode notes

Intro

3min

The Unconventional Bond Investor

12min

Navigating Bonds: A Unique Perspective

11min

Dynamics of Power at PIMCO

10min

Repackaging Finance: A Call for Inclusivity

5min

Bill Gross: Legacy and Reflection

6min

Navigating Market Volatility: Strategic Adaptations in Finance

3min

For a long time, bond investing was considered a sleepy backwater. You bought a bond and just clipped coupons as you waited for it mature. Boring! Then Bill Gross discovered that bonds could be traded. He founded Pimco and proceeded to make lots of money from bond investing in sometimes questionable ways. Bloomberg Opinion columnist Matt Levine co-hosts in this special Odd Lots episode with Mary Childs, who's just published a book on Gross called "The Bond King: How One Man Made a Market, Built an Empire and Lost It All." We discuss some of Pimco's most famous trades, whether Gross was a good investor, and his legacy to the world of bonds.

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