Can Pimco Break Free of Its Bonds?

Pimco's Gross at a UCLA Anderson School of Management alumni event in Beverly Hills, Calif. Photograph by Andrew Harrer/Bloomberg

Shakespeare, meet Wall Street, where uneasy lies the head that wears a fund-manager crown. To wit: Peter Lynch and Fidelity Magellan’s reign during the 1980s. Or Janus’s growth-at-any-price ascent upon the ill-fated tech bubble, or Legg Mason’s Bill Miller, whose 15-year streak of beating the Standard & Poor’s 500-stock index and lapping up investor dollars lasted until Miller started lagging, lost billions of dollars in assets, and hung up his calculator.

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