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September 9, 2008
Bill Gross: I Rule!
Bill Gross's Pimco may not have just delivered the best one-day gain ever on a trade, but his $1.7-billion gain on Monday was arguably among the best from a risk-return standpoint. He locked himself into the agency mortgage bond market -- more than 60% of his fund was in mortgages by May of this year -- so he was hugely levered to a Fannie/Freddie bailout.
He, of course, didn't leave that to chance, agitating at every opportunity he could for a "new balance sheet -- i.e., taxpayers via Treasury -- to support Fannie and Freddie. That culminated in his primal scream last Thursday, and the bailout on Sunday.
Nicely done, Bill. More here.
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