Bill Gross’s Farewell Letter to Pimco

Bill Gross, founder of Pimco, and its chief investment officer for the past 40 or so years, resigned last week. Rumor has it that he was but two steps ahead of a mutinous gang, swords out, planning to make him walk the plank. Gross was too quick and before the mutineers could force him, he jumped ship — and landed at Janus Capital. There, we surmise, he was given a slug of equity and a free hand to run a smaller, more nimble fund.

On his way out of Pimco, Gross penned a heartfelt farewell letter to his former colleagues. But so great was his haste that he never hit “send.”

Fortunately for you, dear reader, we managed to get our hands on a copy of that e-mail, which we reproduce below and without further comment:

I can add colours to the chameleon,

Change shapes with Proteus for advantages,

And set the murderous Machiavel to school.

Henry VI, Part III

Dear Friends, Colleagues and Co-workers,

Related Posts

  • 78
    Tags: management, trading
  • 69
    Point72 Asset Management LP, Steven A. Cohen’s family office and successor to his hedge-fund firm SAC Capital Advisors LP, is banning some of its employees from using instant messaging for external communication after last year agreeing to settle insider trading allegations. “This prohibition of IMs will reduce the highly informal communications inherent with…
    Tags: steps, chief, officer, capital, management, trading
  • 63
    The best way to sell anything is to tell a story — and bond funds are no exception to this rule. When you talk to bond-fund managers, they love to talk about their thesis, or their strategy — some grand vision of the world which, they hope, you will find compelling. If you do…
    Tags: gross, pimco, change, management, fund, bill, trading
  • 60
    Twenty years ago, one bond-trading hedge fund grew from launch to over $100 billion in assets in less than three years. It saw yearly returns of over 40 percent. It was run by finance veterans, PhDs, professors, and two Nobel Prize winners. Everyone on Wall Street wanted a piece of…
    Tags: capital, years, fund, management, trading
  • 57
    The issues that remain un-addressed are most important, as flash crashes have significantly grown and the core legality of certain HFT practices remains unquestioned in most public debate Investment management magnet Cliff Asness has a problem with a Bloomberg View piece on High Frequency Trading (HFT) with particular focus on issues brought…
    Tags: trading, management, investment