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The Bond King: How One Man Made a Market, Built an Empire, and Lost It All

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Economist Mohamed El-Erian has also been active on the business TV circuit, was under consideration for vice chairman of the Federal Reserve during the Trump years, and is more recently known as a harsh critic of the Federal Reserve's handling of monetary policy in the wake of the pandemic. and "To understand the winners and losers of today's money game, journalist Mary Child argues, is to understand the bond market- and to understand the bond market is to understand the Bond King". At worst, the warrants could have been construed as bribes to the money managers, to influence decisions they made for their funds. That makes me wonder, were Childs and her publisher under threat of a lawsuit if they did not give El-Erian's side of the story on every matter of controversy she raises in The Bond King? He then traded the Inverted Jenny plate block to Donald Sundman, president of Mystic Stamp Company, a stamp dealer, for a 1-cent 1868 " Z Grill" depicting Benjamin Franklin (one of only two known to exist), thus completing Gross's 19th-century collection.

The Bond King: How One Man Made a Market, Built an Empi…

And, apparently, it began getting damaged by the elements or by passersby throwing rocks, or something like that, so Bill and Amy covered the sculpture with a net. She is a keen observer—of the “abruptly rich” young titans at Pimco and of their boss’s aversions (noise on the trading floor, eye contact, cellphones, Christmas parties) and pleasures (bonds, work, stamp collecting). It appeared that the money managers bought the warrants for themselves, and did not offer the same opportunity to the funds they managed. The author's aptitude for such details is enormously appreciated and suits her well for future projects in the universe of Wall Street.

I hope to see more historical chronicleson major financial institutions from Childsin the future, given her demonstrated abilityto tell a story and to mix in humor at anopportune time. Mary Childs has delivered a first-rate look inside the mind and world of Bill Gross, the once-great "Bond King" who fell from grace (and his perch atop PIMCO) due to ego, paranoia, and perhaps too much success.

The Bond King - Macmillan

If bond market investors think that a government's policies are going off track and there is an increasing risk that they won't be repaid, they sell bonds, driving up the yield as described above. I am troubled by – and other scholars are troubled by – the notion of putting relatives on the bargaining table," said Vivian Berger, a professor at Columbia University Law School, in a 1990 interview with The New York Times.Gross's strategic use of "strangles"to trade market volatility was a major part of my option trading and was quite successful.

The bond king: how one man made a market, built an empire

There was no bigger contrarian trade than his bets during 2006 that the mortgage market would falter. Alcaly, "The Golden Age of Junk" Archived December 10, 2013, at the Wayback Machine, New York Review of Books, May 26, 1994. The saga moved quickly after that, with Gross and PIMCO's executive committee each trying to gain the upper hand.He was known for his ability to identify and exploit inefficiencies in markets, and for adjusting his strategies as Pimco grew, from embracing new technologies, to derivatives and the internet. I never gave much thought to Bill Gross, the peculiar billionaire investor who transformed the world of finance.

The Bond King: How One Man Made a Market, Built an Empire The Bond King: How One Man Made a Market, Built an Empire

citation needed] Milken himself points out that high-yield bonds go back hundreds of years, having been issued by the Massachusetts Bay Colony in the 17th century and by America's first Treasury Secretary Alexander Hamilton. First of all, there is the swashbuckling capitalist of the bond market who takes risks, bets big money on contrarian trades, and wins. The executive committee proposed a short fuse on a "retirement," with no long period for him to linger.In a separate complaint filed after Gross and Schwartz's lawsuit, Towfiq accused the couple of harassing him by playing the theme from " Gilligan's Island" at loud volumes using outdoor speakers. Childs is cohost of National Public Radio's Planet Money podcast and previously worked at Barron's and the Financial Times. Mostly due to distractions and an unfortunate public gym-related COVID diagnosis that fried my brain I wasn't able to digest this as quickly as I wanted to.

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