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Mohamed El-Erian Leaving PIMCO

Tyler Durden's picture


Moments after the novelty news that Neil "Chump" Kashkhari will run for California governor (as a Democrat), the real PIMCO news hit: Mohamed 'New Normal' El-Erian is no longer a the ecompany.

From the press release:

Pacific Investment Management Company LLC (PIMCO), US-based Asset Management subsidiary of Allianz, has reorganized its leadership structure. Mohamed El-Erian, Chief Executive Officer and Co-Chief Investment Officer of PIMCO, today has resigned from his functions effective mid-March and will leave PIMCO at the same time. He will stay on the International Executive Committee of Allianz and will advise the Board of Management of Allianz SE on global economic and policy issues.


Mohamed El-Erian will directly report to Michael Diekmann, CEO of Allianz SE.


William H. Gross, founder of PIMCO, will remain Chief Investment Officer.


Portfolio management will be strengthened by the appointment of the Managing Directors Andrew Balls and Daniel Ivascyn as Deputy Chief Investment Officers.


In today's meeting, effective as of the above-mentioned date, PIMCO's Managing Directors also elected Douglas Hodge, Managing Director and currently Chief Operating Officer of PIMCO, as Chief Executive Officer and Jay Jacobs, Managing Director and currently Global Head of Talent Management, as President. Craig Dawson, Managing Director and currently Head of PIMCO Germany, Austria, Switzerland and Italy, will assume the position as Head of Strategic Business Management.

Is this an indication that the bond pessimism has topped out, or does it simply mean that it is now time to move on from the New Normal to the New New Normal

And a little uncomfortable message from Bill Gross to go along with this news...

Finally, here is the press release just released by PIMCO:

PIMCO, a leading global investment management firm, announced today that Chief Executive Officer and Co-Chief Investment Officer Mohamed A. El-Erian has decided to step down from his role and leave the firm in mid-March. He will remain a member of the Allianz International Executive Committee and, as of mid-March, also advise the Board of Management of Allianz on global economic and policy issues.  PIMCO’s founder William H. Gross will continue to serve as the firm’s Chief Investment Officer. At the same time, the firm has appointed a new portfolio management and executive leadership team. They will immediately begin to transition into their new roles.

Portfolio Management leadership appointments:
  • Andrew Balls, Deputy Chief Investment Officer: Mr. Balls is a Managing Director in the London office, a member of the Investment Committee and Head of European Portfolio Management. He joined PIMCO in 2006.
  • Daniel Ivascyn, Deputy Chief Investment Officer: Mr. Ivascyn is a Managing Director in the Newport Beach office, Head of Mortgage Credit Portfolio Management, and a lead portfolio manager for PIMCO’s alternatives investment strategies. Morningstar named him 2013 Fixed-Income Fund Manager of the Year (US). He joined PIMCO in 1998.
Business Management leadership appointments:
  • Douglas Hodge, Chief Executive Officer: Mr. Hodge is a Managing Director in the Newport Beach office and is currently PIMCO’s Chief Operating Officer. Previously he led the firm’s Asia Pacific region from the Tokyo office. He joined PIMCO in 1989
  • Jay Jacobs, President: Mr. Jacobs is a Managing Director in the Newport Beach office and is currently the Head of Talent Management globally. Previously, he was the Head of PIMCO’s German business, based in Munich. He joined PIMCO in 1998.
  • Craig Dawson, Head of Strategic Business Management: Mr. Dawson is a Managing Director and is currently Head of PIMCO Germany, Austria, Switzerland and Italy, based in the Munich office. He is also Head of Product Management for Europe. In his new role, he will relocate to the Newport Beach office. He joined PIMCO in 1999.
Said Mr. Gross: “Mohamed has been a great leader, business builder and thought leader for PIMCO and our clients. Together we have guided the firm and served our clients during a period of significant change in the global economy and financial markets. We are pleased that he will remain a part of the Allianz Group.”
Mr. Gross added: “PIMCO‘s focus remains on delivering value to our clients through superior investment performance and client service. The firm’s new leadership team embodies PIMCO’s culture and values, and it reflects the strength and depth of our talent in both portfolio management and business management. With this team to lead us forward, PIMCO is in great hands.”
Said Dr. El-Erian: “I have been extremely honored and fortunate to work alongside Bill Gross, who is one of the very best investors in the world. His talents are truly exceptional, as is his dedication. I have also been amazingly privileged to work with the most talented group of professionals in the investment management industry. Their commitment and tireless work on behalf of our clients have been a consistent inspiration for me since I first joined PIMCO back in 1999.  I wish them continued great success.”
Said Mr. Hodge: “PIMCO has become one of the leading investment management firms in the world through a relentless focus on performance, innovation, and delivering value to our clients, and that will not change. The firm has made important progress over the past several years to become ‘Your Global Investment Authority’ by expanding the scope of our investment platform and business, and we will continue to execute on this vision.”

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Tue, 01/21/2014 - 17:08 | 4353029 Winston Churchill
Winston Churchill's picture

One rat can read the writing on the bulkhead.

Tue, 01/21/2014 - 17:13 | 4353064 gmrpeabody
gmrpeabody's picture

Say it ain't so, Moe...

Tue, 01/21/2014 - 17:16 | 4353078 THX 1178
THX 1178's picture

yeah, PIMCO owns a lot of bawnds. A LOOOOOOOOOOTTTTTTTTT of them. They will surely eat shit.

Tue, 01/21/2014 - 17:19 | 4353083 fonestar
fonestar's picture

Bonds are the place to be for the next ten years, pretty soon you will be able to double and triple your money lending it to .gov for a few years.

Tue, 01/21/2014 - 17:24 | 4353110 Pladizow
Pladizow's picture

Good luck with that fonehack!

Tue, 01/21/2014 - 17:29 | 4353130 fonestar
fonestar's picture

Hey, I didn't say how much stuff that money will buy did I?

Tue, 01/21/2014 - 17:32 | 4353138 negative rates
negative rates's picture

Gees, all that insight, gone.

Tue, 01/21/2014 - 17:37 | 4353158 remain calm
remain calm's picture

He is going to do porn.

Tue, 01/21/2014 - 17:52 | 4353223 Colonel Klink
Colonel Klink's picture

Mohammed El Make'nitRain?

Tue, 01/21/2014 - 18:28 | 4353367 kaiserhoff
kaiserhoff's picture

I will mith the lithp;)

Tue, 01/21/2014 - 19:36 | 4353579 TheTmfreak
TheTmfreak's picture

Bill Gross is a moron. A battery charged over 100% is actually bad for a battery.

Tue, 01/21/2014 - 20:03 | 4353673 BKbroiler
BKbroiler's picture

Gross: PIMCO’s fully engaged. Batteries 110% charged. I’m ready to go for another 40 years!

translation - I am scared shitless.  What the hell was I thinking tweeting about Icahn and the "end of growth"? Who the hell wants to hear that from the world's largest bond fund manager?  El Erian was the only guy giving this shithole an air of respectability, now he's gone.. 
40 years Lol.  If Bill's kids use one of those plant-an-urn things, he will be a mighty oak in 40 years.
Tue, 01/21/2014 - 20:30 | 4353773 notbot
notbot's picture

Is he shaving that 'stache? THAT would be newsworthy. 

Tue, 01/21/2014 - 20:54 | 4353837 johngaltfla
johngaltfla's picture





Guess those CNBS appearances really DON'T boost one's profitability.....

Tue, 01/21/2014 - 20:43 | 4353806 El Oregonian
El Oregonian's picture

That is "Assault on Battery".

Tue, 01/21/2014 - 23:35 | 4354322 The Big Ching-aso
The Big Ching-aso's picture

The guy always reminded me of Gomez Adams for some reason.

Tue, 01/21/2014 - 18:15 | 4353308 LetThemEatRand
LetThemEatRand's picture

"He is going to do porn."

Mo Hammer El Anal, in:  PIMPCO II -- Come To PIMPCO.

Tue, 01/21/2014 - 18:41 | 4353406 CheapBastard
CheapBastard's picture

Rumors have it that he's dumping groos Bill for Jason Beeber.

Only a rumor...

Tue, 01/21/2014 - 18:00 | 4353247 fonestar
fonestar's picture

I liked El-Erian because of his moustache.  Sometimes I listen to people because of their beards, other times it's their moustache.  Satoshi had a fu manchu that really took me away.

Tue, 01/21/2014 - 18:20 | 4353333 zerozulu
zerozulu's picture

I heard life of a FIAT currency is 40 years.

Tue, 01/21/2014 - 18:38 | 4353402 SilverIsKing
SilverIsKing's picture

You must love Duck Dynasty then.

Tue, 01/21/2014 - 19:01 | 4353445 jbvtme
jbvtme's picture

my most pleasant conversations have been with beards

Tue, 01/21/2014 - 19:22 | 4353535 logicalman
logicalman's picture

Getting linguistic with Bearded clams?

Tue, 01/21/2014 - 19:54 | 4353650 qqqqtrader
qqqqtrader's picture

Lip reading, not with your eyes... but with your tongue

Tue, 01/21/2014 - 20:22 | 4353753 RabbitChow
RabbitChow's picture

This Absalom did wipe his mouth all dry;
Dark was the night as pitch, aye dark as coal,
And through the window she put out her hole.
625 And Absalom no better felt nor worse,
But with his mouth he kissed her naked arse
Right greedily, before he knew of this.
Aback he leapt- it seemed somehow amiss,
For well he knew a woman has no beard;

--geoffrey chaucer

Tue, 01/21/2014 - 19:00 | 4353456 Theosebes Goodfellow
Theosebes Goodfellow's picture

You guys got it all wrong. El-Erian's moustache fell hair to a fortune. No need to work anymore...

Tue, 01/21/2014 - 17:29 | 4353131 foodisgood
foodisgood's picture

I HEARD phoneHOMEstar hired him to pimp his co.

Tue, 01/21/2014 - 17:34 | 4353147 fonestar
fonestar's picture

fonestar is more than capable of pimping his own product.  He's like a one man virtual militia.

Tue, 01/21/2014 - 17:47 | 4353195 foodisgood
foodisgood's picture

And I am sure you are the best masturbator in a mirror that ever held/moisturized/stroked/choked a BitCoin

Tue, 01/21/2014 - 18:30 | 4353368 fonestar
fonestar's picture

While there was initially a lot of skepticism about Bitcoin (and especially the origins of Bitcoin) amongst Zerohedge posters, fonestar through much work, consultation and private counselling was able to reach a consensus amongst the most die-hard, ardent skeptics and detractors.  What we ultimately wound up resolving, was that Bitcoin is an excellent and powerful game-changer.  Also, that you should all be heavily invested in Bitcoin to gain exposure to it's wild upswings.

Tue, 01/21/2014 - 18:34 | 4353392 Its_the_economy...
Its_the_economy_stupid's picture

lovin' the repartee

Tue, 01/21/2014 - 21:11 | 4353897 Captain Kink
Captain Kink's picture

Really?  I am sick of the stupid bitcoin or don't, but shut the fuck about it already...

Seriously, why is it relevant to this thread?

Tue, 01/21/2014 - 20:28 | 4353768 supersajin
supersajin's picture

I stopped saying positive things about Bitcon on this board @ $200. Maybe when it hits 10K Tyler will lead his flock to Bitcoin?

Tue, 01/21/2014 - 20:39 | 4353797 nmewn
nmewn's picture

"Also, that you should all be heavily >>>invested<<< in Bitcoin to gain exposure to it's wild upswings."

So hedge with Tums or what?

Tue, 01/21/2014 - 18:18 | 4353329 wallstreetapost...
wallstreetaposteriori's picture

What are you pimping.... Bitcoins?..  Pretty pethetic.

Tue, 01/21/2014 - 18:21 | 4353336 fonestar
fonestar's picture

What are you pimping....


What you got?

Tue, 01/21/2014 - 18:29 | 4353373 wallstreetapost...
wallstreetaposteriori's picture

I'm pimping reality...hoe.  Not .0000000000000001 worth of nothingcoins.

Tue, 01/21/2014 - 18:30 | 4353379 fonestar
fonestar's picture

By nothing, you mean "dollars" right?

Tue, 01/21/2014 - 21:13 | 4353923 Captain Kink
Captain Kink's picture

Seriously stop it.  We all get it.  We understand your feelings on the subject.  Now please go jerk off on someone who gives a shit.

Tue, 01/21/2014 - 19:03 | 4353464 Theosebes Goodfellow
Theosebes Goodfellow's picture

Just out of curiosity, what's the mark to market on reality these days?

Tue, 01/21/2014 - 21:00 | 4353866 nmewn
nmewn's picture

lol...I gotta say, thats pretty good, no damned another one for the irony, I love it.

But its still a reality based world ;-)

Wed, 01/22/2014 - 00:45 | 4354481 prains
prains's picture

bonestar has smoked some bone in his time......

Tue, 01/21/2014 - 17:24 | 4353112 maskone909
maskone909's picture

Short end of curve will remain very low. Soon interest rates will be negative once fed monetizes the entire market. Hold at own risk as currency crises will no doubt ensue

Tue, 01/21/2014 - 17:29 | 4353125 Headbanger
Headbanger's picture



Tue, 01/21/2014 - 19:34 | 4353575 John Bigboote
John Bigboote's picture

More like bugging out and getting his preps ready. He must have heard something at a recent insider event that freaked him out.

Tue, 01/21/2014 - 22:43 | 4354161 HardlyZero
HardlyZero's picture

What about the Chinese $4T in the Bahamas ?   Might that start unwinding into the Bond market (uncontrollably) ?   Couldn't that be a new weapon in-play ?

Watch where these guys bug out will be telling if it's some Dacha in New Zealand or Canada.

The plot thickens.

Tue, 01/21/2014 - 17:30 | 4353128 Headbanger
Headbanger's picture




Tue, 01/21/2014 - 18:15 | 4353312 onewayticket2
onewayticket2's picture

More like Steve Miller's "take the money and RUN!"

Tue, 01/21/2014 - 22:25 | 4354170 HardlyZero
HardlyZero's picture


I was caught up in a fever
In that summer of ‘69
And my heart was cryin' out for change
And I knew time was comin' when I'd get away.

So I moved down to that city
Where I met a friend of mine
And I must admit he tried to warn me well
With all those bad luck stories he could tell.

He said "Take the money and run,
Take the money and run
Believe it, in this town you can't trust anyone
You're gonna learn that lesson my son".

"Take the money and run,
Buy yourself a place in the sun
Don't be a fool, don't you trust anyone
You gotta take the money and run, take the money and run".

Tue, 01/21/2014 - 19:15 | 4353508 chump666
chump666's picture

The one month went negative!  The fed will panic jawbone/taper as the collateral is shrinking dramatically (hey just like commie priced fixed systems).  Doomsday scenario for bond holders is China just dumping the lot and the Fed/Treasury then has to void the holdings and buy the gap, of course a major war would prompt that.  Since we are repeating history...

This market is f*cked in 2014

Tue, 01/21/2014 - 19:40 | 4353598 gatorengineer
gatorengineer's picture

In case your not up on current events China just reached record Tbill holdings.  Google is your friend.

Tue, 01/21/2014 - 20:23 | 4353720 chump666
chump666's picture

Well if you look at it with clarity, China is chasing yields with it's huge amount of $ holdings, note in my post the very short end collapsed into negative territory (as current as you could possible get).  Also China/Japan don't want a USD collapse at this point, since they both hold tons of $ and bills.  But if Obama tries to pulls something out of his a-hole over the China, Japan dispute when China is imploding economically while Abe prints = war.  100% they will liquidate, as I said in my post, if war breaks out, the Treasury can void China and even Japan holdings.  Since the Fed is the major holder of Treasury debt, the bond issue in 2014 will be declining collateral.  Now if collateral values collapse, the Fed will just print and buy everything, which in turn will cause the USD to collapse. Either we get a rapid spike in hyperinflation, or the system just breaks.  What ever the case, our future is set.

The global free trade/market dream will die in 2014


Tue, 01/21/2014 - 20:14 | 4353721 chump666
chump666's picture

also China is the biggest holder of Japan debt second to Japan.


Tue, 01/21/2014 - 17:29 | 4353126 foodisgood
foodisgood's picture

I HEARD phoneHOMEstar hired him to pimp his co.

Tue, 01/21/2014 - 17:31 | 4353137 fonestar
fonestar's picture

fonestar is more than capable of pimping his own product.  He's like a one man virtual militia.

Tue, 01/21/2014 - 19:26 | 4353543 logicalman
logicalman's picture

quite good at self-flattery too, I notice.

Tue, 01/21/2014 - 18:20 | 4353334 TrustbutVerify
TrustbutVerify's picture

fonestar...Is that an after-inflation calculation? 

Tue, 01/21/2014 - 20:05 | 4353695 stocktivity
stocktivity's picture

If I knew just half of what he knows I'd...I'd...I'd still lose money in this market.

Tue, 01/21/2014 - 17:13 | 4353067 redpill
redpill's picture

One Gross tweet too many perhaps.

Tue, 01/21/2014 - 17:21 | 4353095 imapopulistnow
imapopulistnow's picture

They really have seemed to be getting more bizarre.  Wunder if there is a reason for that and if this is why he is leaving.

Tue, 01/21/2014 - 18:12 | 4353297 CrashisOptimistic
CrashisOptimistic's picture

El Erian joins the New Normal -- unemployed.

Tue, 01/21/2014 - 19:31 | 4353563 Theosebes Goodfellow
Theosebes Goodfellow's picture

I'm figuring that El-Erian was able to envision being "unemployed" much more preferably than to what may occur inside PIMCO in the foreseeable future. If things were to turn "sticky" at PIMCO then that "albatross" would most certainly be hung around his neck, (though probably shared with Billy G.).

Whatever the reason, I think it is easy to deduce that there was a whole lot of disagreement between Mo' and the rest of the deck hands as far as to where the ship should be sailing. Hence, Man overboard. The fact that those at the Allianz HQ were not ready to part completely with El-Erian is evident by them making a spot for him on the board up there, so that they could re-install him if/when things turn to bird poop at PIMCO. All around it's probably a smart play.

I can also envision where El-Erian was asking very scary questions about where all of this is headed, in a macro sort of way. The Gross man is obviously spinning the ship's wheel while shouting "FULL STEAM AHEAD!", firmly believing that QE infinity has and will continue to save the day, from now until forever. Maybe it was the fact that figuratively speaking, Bill is looking a little glassy-eyed, staring off into the distance and he's got a some spittle trailing from his mouth when he overemphatically hollers about "110%!", (that in spite of the de rigeur proclamations about eternal confidence, love and faith in each other and how swell it was to have El-Erian around).

So yeah, maybe being "unemployed' ain't so bad. I'm sure he's been able to save a few lumps of coal to keep the fire for the winter ahead. It sure beats the crap out of having to leave the house and drive in this weather.

Tue, 01/21/2014 - 21:18 | 4353938 Captain Kink
Captain Kink's picture

His next move is well planned... he is smart.  and rich.  He got an offer he likes better, or he is going to start his own thing.  We will find out when the time is right.  For him.  The guy was dealt a great hand and has played it beautifully.

Tue, 01/21/2014 - 19:07 | 4353480 disabledvet
disabledvet's picture

Andrew Balls. Where have I heard that name before...

Wed, 01/22/2014 - 00:04 | 4354396 Virginian
Virginian's picture

Seriously, anyone with intelligence or nuanced thinking ate a crap sandwich last year - while the fucking lemmings loaded the boat and "made it all look so easy."  We're truly fuckity fuck fucked if Mo-El, Paul Tudor, K-Bass, Ray-Day, R-Nott, et al can't make money - but a developmentally challenged lemur could probably crap on the WSJ and "identify" a winning portfolio.  Maybe if I take a couple weeks off in Denver this will all start to make sense....

Tue, 01/21/2014 - 17:10 | 4353034 piceridu
piceridu's picture

Abandon Ship!

Tue, 01/21/2014 - 22:29 | 4354179 HardlyZero
HardlyZero's picture

So the illicit Chinese $4T in the Bahamas went into Bonds, Gold, and many other things and commodities, art, Diamonds, Jewels.

Might there be a disturbance when the $4T gets liquidated in-part ?

Maybe its time to "take the money and run".

Tue, 01/21/2014 - 17:09 | 4353039 Scarlett
Scarlett's picture

is it time to panic yet?

Tue, 01/21/2014 - 17:55 | 4353231 Colonel Klink
Colonel Klink's picture

Not yet, the MSM will tell you when. /SARC

Tue, 01/21/2014 - 18:54 | 4353433 Possible Impact
Tue, 01/21/2014 - 19:34 | 4353574 Theosebes Goodfellow
Theosebes Goodfellow's picture

Not yet, sweetheart. I'll tell you when. Now go fix us a cocktail.

Tue, 01/21/2014 - 17:10 | 4353043 GolfHatesMe
GolfHatesMe's picture

Going to Bitcoin?

Tue, 01/21/2014 - 17:12 | 4353049 maskone909
maskone909's picture

So the folks at pimp co got tired of the drooling lisping Frankenstein? Go get your fuckin shine box

Tue, 01/21/2014 - 17:20 | 4353086 Canadian Dirtlump
Canadian Dirtlump's picture

I thought he looked not unlike bababooey of howard stern show fame - which certainly is better than bowl cut bill gross.

Tue, 01/21/2014 - 17:22 | 4353100 maskone909
maskone909's picture

Bill, the dumb and dumber guys called. They want their salad bowl back.

Tue, 01/21/2014 - 19:31 | 4353560 villainvomit
villainvomit's picture

Don't be too hard on Billy boy.  He has the haircut for the yoga poses.


But, but where did he get that bitch ass voice ?

Tue, 01/21/2014 - 22:54 | 4354244 Canadian Dirtlump
Canadian Dirtlump's picture

He got slapped on the back while getting a blowjob in univerity and the voice stuck.

Tue, 01/21/2014 - 17:11 | 4353050 Cursive
Cursive's picture

I know a guy who listed El-Erian as the guy he would most like to meet.  Called teh guy a "genius."  WTF?

Tue, 01/21/2014 - 17:13 | 4353058 grgy
grgy's picture

Suspect he's been promised a cushy government appointment.  Wait and see where he lands.

Tue, 01/21/2014 - 17:57 | 4353237 CClarity
CClarity's picture

Replace Wolfowitz at World Bank? Lew at Treasury? try his hand at ETFs at Blackrock? Join his pal Paul McCulley philosophizing on beaches and at fishing holes while trying to atone for the decades of helping deliverwealth concentration for the elitest?
Does it really matter . . .

Tue, 01/21/2014 - 22:31 | 4354185 HardlyZero
HardlyZero's picture

He's just moving up the food chain...closer to the ********** and of course the BIS.

Carry on nothing to worry about.

Tue, 01/21/2014 - 17:13 | 4353062 Papasmurf
Papasmurf's picture

It's time to find a chair before the music stops.

Tue, 01/21/2014 - 19:04 | 4353466 forwardho
forwardho's picture

Don't want to put a harsh on your mellow dude, but the chairs have already been broken up and used for firewood.

We are at that bare concrete moment Zappa refered to.

Tue, 01/21/2014 - 17:13 | 4353066 ebworthen
ebworthen's picture

I'm going to miss seeing his mustache in those CNBC interviews (not).

Tue, 01/21/2014 - 17:15 | 4353069 Yen Cross
Yen Cross's picture


Mohamed El-Erian  deserting his troops?   I can't imagine why?

  Why would anyone with such esteemed corporate stature depart his throne?

Tue, 01/21/2014 - 17:56 | 4353235 Colonel Klink
Colonel Klink's picture

"Why would anyone with such esteemed corporate stature depart his throne?"

After they're done shitting and they're ready to flush?

Tue, 01/21/2014 - 17:16 | 4353074 Rainman
Rainman's picture

Somebody had to be jettisoned for the pimpco miserable year ... patsy

Tue, 01/21/2014 - 17:20 | 4353088 Dr. Engali
Dr. Engali's picture

Another greasy rat jumping ship.

Tue, 01/21/2014 - 17:21 | 4353096 syntaxterror
syntaxterror's picture

I guess the lucrative world of 1.01% short-term bond yields lost its lustre.

Tue, 01/21/2014 - 17:22 | 4353099 Tinky
Tinky's picture

Luckily he'll be able to fall back on unemployment insurance until he finds another gig.

Tue, 01/21/2014 - 17:26 | 4353113 Seasmoke
Seasmoke's picture

Mo knows he couldn't beat Yellen.

Tue, 01/21/2014 - 17:27 | 4353120 Bunga Bunga
Bunga Bunga's picture

no shit!

Tue, 01/21/2014 - 17:28 | 4353124 Bangin7GramRocks
Bangin7GramRocks's picture

The next U.S. installed puppet leader(dictator) of Egypt?

Tue, 01/21/2014 - 17:36 | 4353145 falak pema
falak pema's picture

going back to Harvaaaard?

All the while I thought Gross at PIMCO was biggest money manager in the world, little did I realize he was affiliate of ALLIANZ !

The Germans run PIMCO ! 

Mutti is bigger than Obammy. 

Tue, 01/21/2014 - 19:18 | 4353524 disabledvet
disabledvet's picture

FINALLY! All the way down here before "Allianz" appears in print. "What do I pay you people for?"!!! (oh, that's right. none of us are paid to do this.)

Tue, 01/21/2014 - 21:29 | 4353976 Captain Kink
Captain Kink's picture

they bought pmco years ago...Gross made 600mm+ on the deal.

Tue, 01/21/2014 - 17:36 | 4353151 Stanley Lord
Stanley Lord's picture

It's about time Tennessee  Ernie Ford  was put out.

He helped bankrupt Harvard, ( a real shame, we came so close to losing Harvard, I bet if we could audit the Fed we  would see Harvard  junk on their balance sheet) with the help of Larry Summers.

Talk about overpaid no talent.

Tue, 01/21/2014 - 17:35 | 4353152 ATG
ATG's picture
El-Erian On Stocks: "Prices Are Artificially High - It’s Time to Take Profits"


Maybe he'll be right after he's gone

Tue, 01/21/2014 - 17:40 | 4353167 Rainman
Rainman's picture

maybe he gone because he's right

Tue, 01/21/2014 - 18:07 | 4353278 frankTHE COIN
frankTHE COIN's picture

He's probably Massively Short. Fuck Hedging.

Tue, 01/21/2014 - 22:40 | 4354193 HardlyZero
HardlyZero's picture

January 31st has many permutations and the numbers are so simple....1,3,1,2,0,1,4.

I think I can pull 3 sixes out of that deck.


What's China going to do when it needs to liquify their banking sector when January 31st arrives...what could they sell to get some cash...Fast Money ....or Treasuries ?

Might be a massive and uncontrolled Chinese bond sale in 10 days.

Tue, 01/21/2014 - 17:37 | 4353156 ATG
ATG's picture


Tue, 01/21/2014 - 17:40 | 4353166 robertocarlos
robertocarlos's picture

At Pimpco, pimping ain't easy.

Tue, 01/21/2014 - 18:01 | 4353250 Colonel Klink
Colonel Klink's picture

Pimping may not be easy but whoring around certainly seems to be.

Tue, 01/21/2014 - 22:35 | 4354198 HardlyZero
HardlyZero's picture

She's Yellin'

Tue, 01/21/2014 - 17:42 | 4353176 NoWayJose
NoWayJose's picture

Hate to see him go - he is one of the few 'market doubters' that CNBC does not cut off after 30 seconds....  But perhaps he just recognizes that bonds are never going to pay more than 2 or 3% for the near term, and will lose people money when (if?) rates rise.  Neither is good for PIMCO.

Tue, 01/21/2014 - 19:30 | 4353555 disabledvet
disabledvet's picture

if the best was for higher yields (see below) to cause the sell off in equities then that's been the wrong "bet." I will say this...pretty much everyone has gotten crushed by those spreads that's not bad company to be in. "Now we get a compression trade" and equities still finish green? "that only happened in the Great Depression." How long can an equity move higher while the company racks up nothing but losses? Apparently a long about "limited Government" though.

Tue, 01/21/2014 - 17:42 | 4353178 Spungo
Spungo's picture

I think this means he's expecting rising yields (falling bonds).

I guess that would make sense. Baby boomers gotta sell some bonds if they want to enjoy retirement.

Tue, 01/21/2014 - 17:53 | 4353220 bh2
bh2's picture

"Enjoy" is probably not the best choice of words. 'Suggest "suffer" is a word better suited.

Tue, 01/21/2014 - 17:53 | 4353229 Billy Sol Estes
Billy Sol Estes's picture

Probably bailing out all his over inflated stocks and putting them in PIRMX

Tue, 01/21/2014 - 18:04 | 4353266 resurger
resurger's picture


Tue, 01/21/2014 - 18:09 | 4353282 gwar5
gwar5's picture

Rats leaving sinking ship?   When I saw Greenspan step down I had a bad feeling because he had an ego that would stick around for success.


Tue, 01/21/2014 - 18:10 | 4353286 gwar5
gwar5's picture

Rats leaving sinking ship?   When I saw Greenspan step down I had a bad feeling because he had an ego that would stick around for success.


Tue, 01/21/2014 - 18:10 | 4353287 gwar5
gwar5's picture

Rats leaving sinking ship?   When I saw Greenspan step down I had a bad feeling because he had an ego that would stick around for success.


Tue, 01/21/2014 - 18:22 | 4353345 wallstreetapost...
wallstreetaposteriori's picture

I make it my goal to Thumb Down every Fonestar comment..   Bitcoins for all the douches....

Tue, 01/21/2014 - 18:26 | 4353348 yogibear
yogibear's picture

So's he's going to be a pumping pimp on CNBC full time?

Gross will hire Ben Bernanke to replace him?

Tue, 01/21/2014 - 19:11 | 4353493 sangell
sangell's picture

I thought in the new normal you either had to sign a statement that made no admission of guilt or you had to commit suicide.

Tue, 01/21/2014 - 19:15 | 4353502 villainvomit
villainvomit's picture

To me just another talking head......i read his career history on Bloomstein and when I saw the IMF for 12 years if I reember correctly, I then had a moment of clarity and realized why I never paid much mind to El Heirien.  Contexta caniculae!



Tue, 01/21/2014 - 19:43 | 4353525 Yen Cross
Yen Cross's picture

     No comment. 


Tue, 01/21/2014 - 20:34 | 4353781 nmewn
nmewn's picture

Yes you did! ;-)

Tue, 01/21/2014 - 21:04 | 4353878 New_Meat
New_Meat's picture


- Ned

{and how ya doin' lad?}

Tue, 01/21/2014 - 21:05 | 4353880 Yen Cross
Yen Cross's picture

  nmewn/ I've the deepest respect.

   We'll have that Z/H party.   Best wishes to Mrs. nmewn.

  I've some traveling, and babies to make.   smiles

Tue, 01/21/2014 - 19:20 | 4353530 villainvomit
villainvomit's picture

 No  telling how much that mfker made executing QE trades for the fed and no telling how many fortunes after.

I'm sure it's all legit.  Hell, if it wasn't, I am sure the regulators would do something / SARC

Tue, 01/21/2014 - 19:26 | 4353548 WTF2
WTF2's picture

He is going to work his magic as President of  Egypt.  ha ha ha

Tue, 01/21/2014 - 19:29 | 4353553 Town Crier
Town Crier's picture

I will miss seeing that little photo of Bill and Moe that always appears on ZH.  When I look at the space between the two guys I see the rear of a female figure in a bikini bottom.  Once you see it, that's all you see.

Tue, 01/21/2014 - 19:49 | 4353629 Castillo174
Castillo174's picture

So he jumping out of the ship... huh?

Tue, 01/21/2014 - 19:53 | 4353649 booboo
booboo's picture

I am more interested in Mini Hank running for Gov of Kalifornia. Gonna make sure those muni bets pay off.

Tue, 01/21/2014 - 19:59 | 4353668 QQQBall
QQQBall's picture

The swan behind him is the wrong color. 

Tue, 01/21/2014 - 20:00 | 4353670 janus
janus's picture

before i quote The Bard, i must say that mr. gross is one of my a world of capital and markets, i reckon myself among the bond-guys (i seem to understand bonds better than any other asset class...for whatever reason); but, well, 'capital' & 'markets' are a thing of the past -- and how the FUCK do you play either side against a flattened curve?  this ain't gross's fault; and he was (and still is) brilliant.  and, moreover, if you read between gross's lines (or should i say, his fingers) you'll know he's been telegraphing what's bout to happen for quite a while (and much to his credit as a man of integrity).

all that being said, i'll now quote The Bard:

beware the ides of march (or somewhere therebouts).

here's a dedication to Mr. Gross; and, if i know him the way i think i do, i figure he'll 'get' it.  my guess is he got it a lil over five years ago.

bill, whatever may happen, you'll always have many advoates & admirers amongst the very wisest...kudos, amigo!

the new style,


Tue, 01/21/2014 - 21:37 | 4354006 Captain Kink
Captain Kink's picture

I agree, though I don't know if he still is brilliant.  The markets are broken, surely, but he has all but admitted in several of his missives that he is losing his edge, if not his mind.  

Tue, 01/21/2014 - 23:56 | 4354379 janus
janus's picture

his mind is just fine.

his edge? no disrespect, but, please, this is his career...he hadn't any idea america would ferment into such feculent rot when first he began some thirty-plus years ago.  we had a country back then.  it was something...i tells ya what.  he manages the world's largest you expect he mount the tops of ararat and tell all what he knows is commin in explicit detail?  that's too much to require of any man.  we all have bills to pay; and Bill's been sayin what's true in his own particular way...and for quite a while.

america is lost...the drain has spiraled, swirled, swallowed back into itself, and that last exhaustive gullop of the toilet has belched its final burp.

olympus has indeed fallen.  we have been captured.

this is the reason men like janus are emerging from the shadows...we love this country; and are willing to fight.

i can & will pursue the specific crimes of treason and murder to their inevitable settlement...i won't look the other way any longer (and i am well-within the bounds of my rights).

to all you think-tankers and other such adapted bolsheviks, call janus all you fuckin want...but a non-state actor?  may God damn you! i bristle at this accusation above all others.  i act for a nation-state.  i am a patriot.  i love my country.  i love my people.  i serve my God.  i am an AMERICAN.  who/what the fuck are you?

any of you bitchez can check my stats.  YOU are the non-state actors; you are the treasonous betrayers; you are the godless murderers.  YOU are approaching a day of reckoning.  

and YOU are fucking with a people who have a distinct taste for violence...but only in its proper measure -- we are, after all, civilized.

did YOU think we would respond like a bunch of peasants and slavs?  YOU have another thing comming...mercy and patience are at an end. 

so, i suppose, yes, bill gross has lost his mind; tyler durden has lost his mind; janus has lost his mind; paul craig roberts has lost his mind...i could keep on listing the wisdom what's lost its mind.  but the paradigm is sane; that's for fuckin sure.

janus came to a money-site for an explicit purpose: to find and influence elegant and important minds -- many of them favor money.  i don't mind it; and it comes in handy every now and, that is.

nevertheless, i trade in the most ancient & vital of all currencies...fuck your fiat, fuck your bitcoin, fuck your gold; BLOOD, that's where the money's at!

janus is thirsty. mariana,


Tue, 01/21/2014 - 20:19 | 4353738 razorthin
razorthin's picture

..Now, if you don't mind, let me exit stage left before the guillotine arrives.

Tue, 01/21/2014 - 20:22 | 4353748 teslaberry
teslaberry's picture

biggie smalls said it best, 


mo' hamed mo' problems. 


Tue, 01/21/2014 - 20:24 | 4353754 GrinandBearit
GrinandBearit's picture


Tue, 01/21/2014 - 20:31 | 4353776 q99x2
q99x2's picture

Farewell you silly wabbit. Don't forget your tutu with you. We'll always think of you as "that' new normal kinda guy..

Tue, 01/21/2014 - 20:36 | 4353784 SokPOTUS
SokPOTUS's picture

PFFT.  I wonder who he hacked off?

Tue, 01/21/2014 - 20:50 | 4353823 Berspankme
Berspankme's picture

Hope he has cancer. Fuck you globalist prick

Tue, 01/21/2014 - 21:40 | 4354013 Captain Kink
Captain Kink's picture

same to you, you narrow minded ass wipe...  Who fucking raised you?  

Tue, 01/21/2014 - 21:02 | 4353874 mijev
mijev's picture

I am retiring in order to spend more time with my possessions.

Tue, 01/21/2014 - 21:55 | 4354067 Yes_Questions
Yes_Questions's picture

Which Alphabet Agency is his next gig at?

Surely his non-compete agreement will allow revolving door moves.

Tue, 01/21/2014 - 22:41 | 4354210 Blood Spattered...
Blood Spattered Banner's picture

That would really suck to have the last name of 'Balls'.

"Sir, you have a call from Mr. Balls."

"Please hold Balls."

Tue, 01/21/2014 - 23:08 | 4354274 Castillo174
Castillo174's picture


Wed, 01/22/2014 - 01:06 | 4354529 silverstud
silverstud's picture

In the 1980s we had an Alan Bond (an Australian painter by trade) who used fraud to buy Bell Resources from Holmes a Court. He landed up in jail.

In the 2013 we have the ongoing fraud of bonds as just part of a huge story of self empowerment and ponzi by big banks on Wall Street.

Wall Street will soon follow in Alan Bond's footsteps as FIAT reflects its real value - $0

But who will be jailed this time?

Wed, 01/22/2014 - 03:13 | 4354691 franciscopendergrass
franciscopendergrass's picture

"Andrew Balls, Deputy Chief Investment Officer: Mr. Balls . . ."

I couldn't get over the words "Mr. Balls."  He must have had a real tough childhood.


Imagine people saying this to him.  "Mr Balls" must have some real balls.  Balls to the wall.  My balls itch (followed by scratching his head).  I hope he has a good therapist.

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