September 13, 2023
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47:08Now PlayingBill Gross became known as the Bond King during his legendary, multi-decade run at Pimco, eventually growing the company to manage trillions of dollars. Of course, that success coincided with a remarkable bond bull market -- a bull market that came to a screeching halt over the course of the last two years. So what does Gross think of markets today? And could there ever be a new bond king in this environment? During a live episode of the Odd Lots podcast, taped at the Future Proof conference in Huntington Beach, California, Gross talked about the state of the market, reflected on his career, discussed the things that make him happy today, and addressed old rivals and competitors.
Intro -- 0:00
What it was like trading bonds in the 70s — 1:41
Surviving a bear market — 2:48
The origins of active bond trading — 3:49
How much of Bill’s success was luck? — 5:28
Trading in size at Pimco — 7:42
Interest rates and the economy — 10:48
Will interest rates go down again? — 12:51
The inverted yield curve — 15:10
Missing buyers for bonds — 17:08
The return of financial repression — 18:58
How to hedge duration risk now — 21:09
Why own a bond at all? — 23:19
40% of Bill’s portfolio is MLPs — 25:59
Bill’s daily schedule and trading — 28:32
Arbitrage opportunities — 31:29
On private credit — 32:50
China’s economic slowdown — 24:11
Fitch’s downgrade of the US credit rating — 37:44
Can there be another bond king? — 38:52
His legacy — 42:55
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Bloomberg's Joe Weisenthal and Tracy Alloway analyze the weird patterns, the complex issues and the newest market crazes. Join the conversation every Monday and Thursday for interviews with the most interesting minds in finance, economics and markets.
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