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 bloomberg managed to get our hands on a copy of that e-mail, which is reproduced 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,
For the past 43 years, Pacific Investment Management Co. has been my home, as well as my pride and joy. With great sadness, I must bid her adieu, not because I want to leave, but because I must. It is the natural order of things for all seasons to change; for the next generation must be given its chance. A new epoch is upon us. Ashes to ashes . . . .
All those reasons — plus truth be told, an imminent palace coup — meant it was time for me to go.
Before I depart, however, I offer you this final Investment Outlook, my last IO for you to consider. No cats, no “Man in the Mirror,” just a few thoughts for you to reflect upon as the next era — a newer new normal — begins. ….
Continue reading …….Click here