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Thursday, April 10, 2014

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Gross behavior

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Sheelah Kolhatkar has a long profile of Pimco's Bill Gross, in which Gross makes an attempt to rationalize his somewhat erratic behavior over the last few months. (The front cover of the magazine uses the headline, "Am I really such a jerk?") Gross's strange behavior has been chronicled since Pimco CEO and co-chief investment officer Mohamed El-Erian, the heir to Gross's throne at the company, announced he was resigning from his post back in January.

Then, in February, a devastating article in the WSJ painted Gross as a terrifying and brutal manager who referred to himself as Secretariat. Not long after the WSJ article came out, Gross told Reuters' Jenn Ablan, "I'm so sick of Mohamed trying to undermine me". He also "indicated he had been monitoring El-Erian's phone calls". Last week, Gross devoted much of his Investment Outlook letter to remembering his dead cat, Bob.

The "Bond King" has been faltering of late. Gross's Total Return Fund, which fell 1.9% last year – its first down year since 1999 – trailed 95% of its peers and saw $3.1 billion of outflows in March. Which makes 11 straight months of outflows. In total, investors have pulled $52.1 billion from the fund since May. In recent months, Mercer, ING, and Columbia Management have all terminated relationships with Pimco.  

Behavior that is tolerated as eccentric when returns are good quickly becomes unacceptable when performance is poor. The problem, write Mark DeCambre and Matt Phillips, isn't Gross's behavior, but his returns: if they improve "any questions about Gross' personality quirks will almost certainly disappear".

Felix says that Pimco's clients are overwhelmingly conservative fixed-income investors. While they like outperformance, "they're not shooting for the stars, and they hate taking unnecessary risks. Like, for instance, the risk that they've placed their billions in the hands of a cantankerous old man who always thinks that he's right and that everybody else is wrong".

If assets do continue to leave Pimco, it would be great if the exodus continued on its current measured pace. In a recent speech, the Bank of England's Andy Haldane worried about the effect on the markets if investors all decided that they wanted to pull out their money at the same time. One problem, he said, is that investors are "becoming more fickle and run-prone".

Shops like Pimco are what regulators like Haldane call "NBNI G-SIFIs": non-bank, non-insurer globally systemically important financial institutions. And they're operating, he says, in "a world of less liquid assets and runnier liabilities". – Shane Ferro

On to today's links:

Regulators
The SEC colluded with banks over CDO prosecutions - American Lawyer
"We can assume that the same nod-and-a-wink deal was struck with all the other one-and-only-one CDO bank prosecutions" - Felix

The Fed
The paradox of transparency in monetary policy - Piera

Charts
The history of global wealth - Vox

Yikes
"Heartbleed is as bad as it is possible for a security flaw to be" - Rusty Foster

Wonks
Thinking about Rawls in a Pickettian world - Chris Bertram
Paul Krugman's excellent review of Picketty - New York Review of Books

Headline of the Day
"Live blog: Jeffrey Gundlach speaks about the market at yacht club" - Marketwatch

Tax Arcana
Nobody can use this tax loophole anymore. It's too popular - WSJ

Politicking
Paul Ryan's budgets cuts, and his problem with nominal dollars - Robert Greenstein

Your Daily Outrage
Exorbitant fees cost low-income Americans up to a quarter of their tax refunds - NYT

Profiles in Capital
New rules only succeed in shifting, not reducing, junior bankers' hours - DealBook

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Business Today: Nasdaq posts biggest drop since November 2011

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04/10/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Nasdaq posts biggest drop since November 2011
NEW YORK (Reuters) - U.S. stocks plunged on Thursday, with the Nasdaq suffering its worst day since November 2011 as investors again sold high-flying names in the technology and biotech sectors.
GM places two engineers on leave in deadly ignition switch probe
(Reuters) - General Motors Co said on Thursday it had placed two engineers on paid leave as part of an internal investigation into defective ignition switches linked to 13 deaths and the global recall this year of 2.6 million cars.
Facebook says WhatsApp deal cleared by FTC
SAN FRANCISCO (Reuters) - Facebook Inc said U.S. regulators have cleared its $19 billion acquisition of mobile messaging service WhatsApp, even as the Federal Trade Commission warned the two Internet companies on Thursday that they must not backtrack on commitments to user privacy.
Italian Prime Minister meets Etihad CEO to discuss Alitalia: source
ROME (Reuters) - Italian Prime Minister Matteo Renzi met Etihad Airways Chief Executive James Hogan on Thursday to discuss a potential investment in national carrier Alitalia , a source in the premier's office said.
Icahn backs down from demand that eBay spin off PayPal
SAN FRANCISCO/NEW YORK (Reuters) - Carl Icahn backed off calls for eBay Inc to spin out its fast-growing PayPal payments unit on Thursday, after the billionaire investor failed to drum up support from the e-commerce company's major shareholders.
Judge accepts SAC guilty plea, approves $1.2 billion settlement
NEW YORK (Reuters) - SAC Capital Advisors' $1.2 billion criminal settlement for insider trading received final court approval on Thursday, as a U.S. judge accepted a guilty plea from the hedge fund firm run by billionaire Steven A. Cohen.
Biggest U.S. airlines among worst in customer service: study
(Reuters) - Bigger isn't necessarily better when it comes to airlines.
Big credit card issuers defeat collusion lawsuit in U.S.
NEW YORK (Reuters) - Consumers suffered a setback on Thursday as three big credit card issuers won the dismissal of U.S. lawsuits accusing them of colluding to require that disputes be settled in arbitration rather than class action lawsuits.
Proposed changes to union rules divide U.S. business, labor
WASHINGTON (Reuters) - U.S. union organizers squared off against powerful business interests on Thursday over whether proposed federal rule changes for union organizing are an overdue procedural update or a radical step that would put employers at a disadvantage.
Renault considers cutting shift at Flins plant: Les Echos
PARIS (Reuters) - French automaker Renault is considering cutting one of the two shifts at its Flins plant, a move that would eventually cut annual production to a maximum 110,000 cars from 145,000 now, the French business daily Les Echos said on Thursday.
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