Brian Chappatta, Columnist

Bill Gross Is a Cautionary Tale for Any Future Bond Kings

After leaving Pimco, he was too unconstrained for his own good.

February 4, 2019 at 2:21 PM UTC

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

The crown is temporary.
Photographer: Tim Boyle/Bloomberg

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Six months ago, I asked if “it’s worth stepping back to wonder whether we’re witnessing the end of the line” for Bill Gross. There’s no need to wonder any longer.

Gross is retiring from Janus Henderson Group Plc, the firm announced Monday, more than four years after leaving his perch atop the bond-market world at Pacific Investment Management Co. His stint running the Janus Henderson Global Unconstrained Bond Fund should serve as a cautionary tale for fixed-income investors who think they’re smarter than the rest of the market.