I wonder how much Bill Gross would have pulled down if his
Total Return Fund had actually outperformed the stock market in 2013?
See, he got a bonus of $290 million last year for his
dubious work as Chief Investment Officer for the Pacific Investment Management
Co.
The thing is, his flagship Total Return Fund was in the
bottom third of its class in terms of total return in 2013. When it had $293 billion under management in April 2013, the Total Return Fund was the largest
mutual fund in the world.
So, the investors got screwed, and Gross got $290 million.
Who thinks that’s right?
Copyright © Richard Carl Subber 2014
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