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PIMCO Liquidations Begin; And So Does The Retaliation: All Bill Gross Tweets Deleted
The last few days have been hectic for PIMCO executives. As we already noted, expectations of outflows persist and today's open in CDS markets suggested major concerns among market participants that PIMCO redemptions would force selling through an illiquid market. Sure enough, Bloomberg reports that PIMCO's Total Return Fund ETF was behind the auction of more than $170m of Fannie Mae CMBS on Friday (and more BWICs were seen today). As one trader noted, "you're going to sell your most liquid stuff first." Additionally, PIMCO has seen fit to delete all Bill Gross' tweets... so here are the last six months for the record.
As Bloomberg reports, the PIMCO liquidations have begun...
Pimco Total Return ETF behind auction of more than $170m of Fannie Mae CMBS on Friday, according to person with knowledge of the matter, who asked not to be named because the seller wasn’t disclosed.
List included most of ETF’s largest holdings in sector, according to Empirasign and Bloomberg data
Dealers also circulating ~$77m Fannie CMBS BWIC today with bonds in sizes similar to at least most of $3.6b ETF’s other holdings of the DUS securities, the data show
“You’re going to sell your most liquid stuff first. You don’t want to be a forced seller of anything. I would think these lists are going to be absorbed pretty well,” Brean Capital strategist Scott Buchta said in telephone interview
Other auction lists containing bonds in similar sizes to Pimco ETF’s holdings include: ~$59m of agency CMOs on Friday, ~$62m of subprime-mortgage securities today, ~$25m of senior CMBS today
h/t @SMulholland_
And then... PIMCO removed all of Bill Gross' tweets from the @PIMCO account...
Click image for large legible version of Bloomberg feed of the last 6 months of Bill Gross Tweets via @PIMCO
One wonders just what it is that PIMCO is so afraid of... are they about to take a 100% diametric market view to the 'Bond King' and need no evidence left of the entire company's top-down market thesis? Or is it just standard practice?
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With PIMCO and Gross on opposites sides... any chance one side was ordered to do something by the Fed the other side wasn't cool with? (i.e. like what happened with Buffet's sudden behavior change in '08?)
all guilty
Flood the mkt w/tweets bitches.
Well, he is a short twat, rich though he is.
...removing the "grossness" of their accounts as it were...
un-taper in 3, 2, 1 ......
Black swan event? Liquidating that large a position in such a short time could set off an avalanche of selling
I seem to remember the most bond funds are about 50% leveraged. Few people realize that. In the last market decline some thinly traded issues like preferred issues had not bids of any kind for weeks at a time.
It's going to depend on how the average investors see's it. We don't know what the real reason he left is but if its juicy enough the leaks will start and then it might get interesting.
Another tire blows and the wheel disintegrates.
deleting his tweets is hilarious. It's like getting a haircut after being diagnosed with stage 4 cancer.
Perhaps his tweets were the "erratic behaviour" for which he was about to be canned.
A quick scan of them seems to indicate that he was all over the place like a French skin disease
Perhaps Bill Gross leaving Pimco is the Fed ordered bondpocalyspe. Just blame a boardroom disagreement for the total selloff of bonds.
Tweets are harmless but I wonder what happens when the nail guns come out.
It is well known that people tend to shoot themselves 7-8 times with nailguns. Gotta ban them semi autos.
Skeletor is takng his yoga mat to other shores!
Pimco bought some EU peripheric bonds, nowadays ?
Boom
http://europe.pimco.com/EN/Insights/Pages/PIMCO-Euro-Income-Bond-Strateg...
not going far enough
good ol whatshisname ....At the conclusion of the game, the King and the Pawn go into the same box.
I like that.
Pimco, the new Ginsu...
#askDraghi : is ECB QE enough calibrate to buy all Pimco peripheric bonds to sell ?
did gross flee pimco because he realized his total return fund was about to blow up compliments of the fed. not wanting to be responsible for total blowup(investors were already leaving his funds months before he left), he repositioned himself in a new fund(13mil? wtf) where he did not have to reorganize a fund entrenched in a trade that was about to run its course that would be too illiquid to escape without devastation.
watch the trades in the new fund. watch what he says about his new book. this is tied to el arian's resignation and gross's resignation may have been planned at that time.
is this the real end of the bond bull?
You bring up an interesting question. When El-Erian left the press made it out to be Gross v. El-Erian with Gross winning. But obviously Gross was on shaky ground as well. Could it be that they both staged their demise at PIMCO to get out before it went KABOOM?
Should rates rise, Gross and El-Erian will be the least of the Fed's problems.
Sorry, "Kaboom" not in the cards (in the near/mid term)
How about 'splat'? ;-)
How might DTCC & Cede co. play into this?
This shifting of collateral bankrupting municipalities?
Considering the rigged SIPC scam on clawbacks (plebs only) for the obvious ponzi scams the regulatory agencies have ignored, we're so hosed.
Is this the big one, Elizabeth?
The Fed will smooth this over with small change from the coffee can in the break room.
Every money management firm follows a scorched Earth policy when a representative or executive leaves. The recently departed quickly becomes the enemy. I would not be surprised if they escorted Gross to the door with an armed guard and they most definitely won't let him back in to clean out his desk.
<Where would you like your belongings shipped?>
I would fire any employee who spent as much time tweeting as Gross did.
Good riddance
Gross and his stamp collection needed to take a hike long ago
PIMCO will be better off in long run without him
"You didn't tweet that."
Tweet the Twats!
An American, not US subject.
Distractions are such a wonderful and many splendored thing.
I acknowledge what I type here is too hopeful. I keep looking for a hero. Here goes.
What if Bill Gross is a terrorist? An aging one with an ax to grind? OH THIS COULD BE SO FUCKING EXCELLENT.
What if he has had enough of central bankster bullshit, what if he really had the resources to go after the Fed where they live and blow this whole shit show to hell? Rock and roil the markets. Make big chaotic waves they cannot anticipate? Get some of his best bear buddies (I don't mean big hairy gay guys either) to do like minded shit.
We have fantasized about someone going into the gold or silver market and taking delivery. Germany did it and it didn't matter. They have to sit and wait for their gold, but no one is calling the whole scam what it is. Germany is afraid they will get nothing if they do that.
But this, leaving and taking his assets and investors with him, and showing how 2T really ain't 2T unless you have it in your fucking hands. Watch the late exiting folks bitch because their shit ain't worth shit. So much Corzine, so many lawsuits, so little time and ability to attend to it all because it is an avalanche.
I'll go to my corner now. But it would be so cool. Biggest bank run in history. No faith any where. Heh, heh, heh, heh.
I like the way you think, conspiratorial with a touch of irony.
FUCK YEAH !!!!!!!! BURN BABY BURN !!!
I WANT TO SEE THIS BIG FESTERING PILE OF SHIT BURN NOW !!!!
I will miss the discounted PMs however.
@Miss C - I remember a post Gross made maybe back in 2012 that was published on ZH. In the note he was basically advicing clients to start the change of horses to Gold and other hard stuff.
Maybe he simply got tired of waiting for his own and his following clients' bets to materialize, so he is now nudging the matter a wee bit. Yer know - this girl can dream too ;-)
Someone out there, or a collection of someones, could detonate it, if they wanted to. We can dream. ;-)
Bill Gross IS Gordon Gekko
What if, instead of yelling FIRE, he simply rose from his front row seat and slowly walked out of the theatre. Wouldn't this give his followers the best chance of getting out alive?
no, that's what China and Russia is doing, slowing moving away from USD whilst accumulating hard assets with the USD they have.
They are so public. I don't think that whole "walk away quietly" is the goal. It never is when the Fed does it.
+1 That's some first class paranoia....
That's my plumbers not turning up then.
This has proven far more interesting than I first realized
Deleted his tweets?! Wow, they really showed him.
They show him and everyone else. What they are scared of.
what if this pimco vs gross 'fight' is nothing more than a charade to fleece pimco of its assets by trading them. perhaps he will be using his capital bomb at janus to help finance the wash trading necessary to put money in the pockets of those few who are 'in' on the charade.
a little "ackerman versus icah" bulllshit. a fake dance for the financial media while both 'Opponents" make money hand over fist with one another by working together behind the scenes....
This is some serious sht. Pimco is parent to Allianz who date to pre world WarI, Kaiser and stuff... ..which paid off the Insurance to Malaysias airplane disappearances and crashes.. ..then he has more to worry about than falling out the 33rd floor somewhere with a nailgun as a parachute..These are old school..
He better have some pictures or sometin.ya know? .Like I know what you did last summer
..maybe this is something that will blow the Fed wide open!
“You’re going to sell your most liquid stuff first.”
Hey isn't that how LTCM also thought, a few months before the end!
Lehman, too. It's basic B-school stuff to save your business, you sell liquids first.Nothing surprising there.
However, it's also a signal your business needs to be saved.
You’re going to sell your most liquid stuff first.”
If they do sell the good stuff first, and they lose 50% that will leave the scum in the bottom.
The fund quality will suffer!
Fuck Pimpco. When they go bust, that cackling laugh you're going to hear is me. TPTB r robnume.
ButtHurt, so much buttHurt LOL!
Why do we care?
I'd say schadenfreude.....
why do you care if we care? why do we care if you don't care?
why speak or even come into the thread if you don't care?
yet you cared enough to show up and tell us you 'don't care', that nice, but we don't care
i'd walk up to gross bill with some of those fresh 1970's high heeled shoes on, you know the 1's with the fish tank heels. i'd be like "what up pimco?" where dat pimp cup at pimp daddy? u pimpin MF! who u think u r wit doze james BOND riding jackets man? cool breeze. what up necka?
and then he would look at me wearing one of those two faced janus halloween masks on and ask me that eyes wide shut question nobody wants to hear.............. "whats the password for the house."
and i'd be like "hey baby the center is holding"
Oh yeah!!!
It's coming and it's going to be hard when SHTF on Bonds ... Burn Baby Burn !!! Come on !! Start the Party ! :)