There’s a Reason He’s Called King
Posted by Doug Rice on Tue, Sep 09, 2008 @ 08:50 AM
Bill Gross, a long time favorite of mine, is often called the Bond King. Well, it was reported today that he bet 60% of his $132B fund on mortgage debt from Fannie and Freddie and reaped a $1.7B payday when the government bailed out the debt of the two failed firms. His fund has out performed all of it's peers this year returning 9.2% in an otherwise dismal year. I am not sure who first called him the bond king, but at least now are clear on why.