Liang Yaodan of times weekly reporter
Be by address sb respectfully " the king of bond " Bill Geluosi of legend fund manager spent 4 years to come one day the worst.
Local time on May 30, the Janus Henderson Global of 2.1 billion dollar does not have the asset dimensions that Geluosi manages tie bond fund, asset net value drops greatly in Zhou Er 3.04% , achieve since was being established in May 2014 range of deficit of the oldest odd-numbered days.
" wall street daily " think, key detain noted Geluosi this year Italy and difference of breath of German national debt can close narrow, did not think of direction was turned over completely. That day, as a result of the chain reaction that predicament of governmental form a cabinet ignites, the crucial index that evaluates hold Italy national debt to whether have a risk, Italy / Germany 10 years period difference enlarges national debt yield to even more for a time 300 base point.
"My strategy is to make empty Germany national debt all the time, make national debt of much United States, " Geluosi expresses when accepting Peng Bo to interview, "Of day and bad one what bad luck trade even if so come. "Of day and bad one what bad luck trade even if so come..
To Bill Geluosi, this paragraph of experience is different common. 47 years ago, he founded PIMCO company (Pacific Ocean investment runs a company) , become its evolution the bond manager company with the biggest whole world for a time, adapted thereby the history of bond market. Nowadays, leave PIMCO company and the summit summit position that forward a form of address formally used by an employee to his employer or a tenant-peasant to his landlord initiates the Geluosi that avenges a plan appears already no longer.
A bad year
In fact, since this year, geluosi is badly off all the time cake.
This year on Feburary 5, the US stock encounters " black on Monday " , the fund of Geluosi management achieves a year to come the biggest drop, the expression inside year turns for deficit.
Reuter points out, bond fund performance of Geluosi has been dropped since this year to the person of the same trade finally. The basis invests research organization daystar (Morningstar) data, since this year, geluosi's subordinate Janus Henderson Global does not have deficit of net value of accumulative total of tie bond fund 5.94% , the corresponding period is other and congener fund drops on average only 0.22% .
Meanwhile, geluosi's person of the same trades are in however counterattack. On May 30 that day, assets of the government below TCW Group banner manages capital fund below division of company of fund of the Metropolitan West Total Return Bond Fund of 77.2 billion dollar, America the Bond Fund Of America of 38.1 billion dollar, and beautiful Cheng Ji manages capital fund below group division the bond fund such as the Western Asset Core Plus Bond Fund of 23.5 billion dollar went up nearly 1% , since achieving nearly 9 years, the oldest odd-numbered days goes up. Appearance of Peng rich company is: Other and congener well-known fund was experienced " the christmas in May " .
England " financial times " think, of Geluosi suffer a defeat " attribute a fault to " decline at taking the lead in looking American debt city. Last month, case Ross puts forward, beautiful couplet store tighten up monetary policy and American government to enlarge beautiful debt to auction dimensions stage by stage, will continue to make beautiful debt price bear pressure, this year can be " hibernant debt is ursine " , xiongshi is awake, still just do not have growl.
Geluosi is called " the king of bond " , those who lean is his acumen touch to the market, what depend on pair of trends is accurate forecast. But the last few years comes, ross lost the division that left old boss to calculate capacity well and truly gradually it seems that.
In July 2015, in investment the market thinks Greek crisis has been in control generally in when, geluosi accepts subsequently interview say: "The market to Greek fair project a result reaction is insipid make me accident, I do not believe a condition actually very quiet. " express Greek already lay " hurricane eye " in, the probability that this country abandans euro is as high as 70% – now 80% . And factual proof, greek already overshot in safety the most difficult toll-gate.
Couplet is in the beauty store add what nod when breath to forecast, geluosi also error is ceaseless. Last year December, case Ross act out of normal behaviour, couplet weighing the United States store may more comfortable, discretion is added breath. The result arrived this year, chu Xuan cloth adds beautiful couplet breath 25 base point, express to will be added inside year cease 3 times, caused his doubt and cannon again.
Debt king steps down altar
On bond market, geluosi's romaunt ever by people take delight in talking about.
1962, geluosi of 18 years old enters department of psychology of Du Ke university to be read, minor Greek. If do not have an accident, after 4 years, he will move toward a society with the identity of psychological bachelor. And be in Geluosi is 22 years old when, a traffic accident changed his life contrail.
Treat time endlessly to dismiss, geluosi read California university to teach place of all alone general to write during be in hospital " conquer banker " , be inspired. After leaving hospital, geluosi comes to the Las Vegas that bet a city, study with 16 hours the card gamble in that book is academic technically everyday. After 6 months, when Geluosi by be recruited enrollment when, he had beaten 10 thousand dollar on table-board. This money became the fare that MBA of California university attend in a advanced studies goes to after he comes back from Vietnam.
Geluosi originally the target is to become husband of a stock. However, insurance company of Pacific Ocean of an United States is received to become only however after he graduates the letter of appointment of analyst of a bond. After entering office, he persuaded a boss to give his brushstroke the fund of 15 million dollar, established fund of a small-sized bond. After 4 years, he raises this fund to 40 million dollar. Struggling bitterly in other load holder 1975, geluosi's strategy brought the return rate of 17.6% to him, achieved one year next 18% .
1982, the investment of fund company Pacific Ocean that the branch that Geluosi is in tears apart independent battalion to carry runs a company (PIMCO) , in Geluosi guide below, the capital fund that period of this company highest peak manages is as high as 2 trillion dollar (as quite, china sits have foreign exchange reserve only 3 trillion or so dollar) , become the biggest joint fund on the world.
Be in however 2014, geluosi was forced to leave PIMCO. He is accused to be boss of a sadism, and huge to this business system had mistake government. This also caused the legal litigation that both sides is as long as several years.
Geluosi points out in the indictment he gets tall pipe " conspiratorial group " elbow out, by with shocking and illegal means drive is expulsive the company that oneself establish, and by " stripped illegally several dollars deserved pay " .
In fact, the bond investment gain rate that Geluosi is good at drops with each passing day, also be the crucial matter that he leaves. Although PIMCO is in of Geluosi guide below, ever entered highest peak really, but before he leaves his post, this fund has been behaved bleak, successive 18 months occurrence capital is poured out of completely. 2013 deficit 2.3% , run be defeated by grail and major competitor. An in-house personage that works in PIMCO evaluates so: "Geluosi leaves to remind us again, do not make money in wall street have to leave post, even if you are debt king. Even if you are debt king..
At that time, be close to 70 years old, the Geluosi that body home exceeds 2 billion dollar is thought to may choose to retire originally. However, he chose to avenge.
A when Geluosijia entered PIMCO main competitor, sth used to one's own advantage of fine horse advantage (Janus Capital) , in the office of new company, the employer before he can see is located in American California Niubotebiji (Newport Beach) of Na Dong building panoramic.
Geluosi continues to be engaged in bond fund managing, however, the asset dimensions that he manages in new company is only 2 billion dollar, not as good as the 1 ％ of his asset in the hold when PIMCO, among them 700 million dollar or his private fund.
Geluosi accepted in April 2016 " new York Times " when interviewing, say: "I am whole should look to whether defeat them in the evening. Get a proof everyday. Get a proof everyday..
Is cheap quite old?
Awkward is, the vengeance of this Hollywood type the play fails to be performed successfully up to now.
3 years since, the foundation that Geluosi lays in standard of capital of fine horse advantage year all return rate is 1.94 ％ only, still incurred loss this year. Since since joining new boss, geluosi attracts new investor in effort all the time, bright however somebody make inquires.
And recently, the money newspaper that PIMCO of a form of address formally used by an employee to his employer or a tenant-peasant to his landlord publishs before shows, since four quarters profit achieved Geluosi to leave last year the biggest.
A few investment adviser express, they are not willing the reason that datival Mr Ross invests together depends on, afraid latter was lost in former days charm. Extremely tall reputation was gained in the investment career that an investor is in a few years among them, ever datival Ross cooperates when PIMCO.
Old before, geluosi invests the marriage that he cited to last 31 years in the letter to concern in his, in order to show his stability and loyalty, this ever was to let him move one of reasons of investor.
But nowadays, this paragraph of marriage not answer existed. He will divorced with the 2nd wife October last year. What live in the individual is queasy period, geluosi is inferior to apparently to the judgement of bond market previously.
Geluosi puts forward in the legal file of divorce suit, lawsuit had caused a loss to him. He complains he always is in the brim, morpheus is insufficient, often feel flurried. "My calm already endured serious interference. " his say.
Fortunately, one the worst day has gone. According to Peng Bo the company reported on June 9, last week 4, bond fund of Geluosi appeared spring back, go up achieve the fund below case Luo Siqi is the biggest range since this year, and the asset net value of this fund also almost fall after a rise comes the level before steeping fall.
But this did not give up a misgive of people: 74 years old " debt king " , true can stage a comeback?
