Pimco’s Gross Has “Lost Sleep” Over Bad Bets

In recent weeks, Pacific Investment Management Co. founder Bill Gross says he has “lost sleep” over an ill-timed bet on Treasurys.

During an interview at Pimco’s Newport Beach, Calif., headquarters, Mr. Gross, manager of Pimco’s Total Return Fund, the world’s biggest bond fund, acknowledged that his decision to sell all of the fund’s Treasury holdings in February, and then use derivatives to place wagers against government-related bonds in March, was a “mistake.” Read Entire Article Here…

Article published in WSJ.com, written by: Mary Pilon and Matt Phillips

 

August 30, 2011 In: Current Affairs, Financial Articles Comments (None)