Bill H. Gross

I wanna bring up this chart.

It is my Bill Gross chart.

I used it first with William Gross many, many years ago.

It is a 10-year yield back before anybody in this room besides me was born.

Let me give you the, uh, quick rundown on the show.

It's Thursday, and every Thursday, we check in with Bill Cleveland, our roving reporter, our travel correspondent.

He is in West Virginia, so we're gonna be checking in with him a little bit later on.

Bill Cleveland from West Virginia.

Also, Scott Colbert is gonna be joining us.

He's the chief economist and director of fixed income for a Midwestern bank, Commerce Bank Trust, and he is our go-to when it comes to, uh, the economy.

Um, you know, being on a board or being an investor, usually not.

Yeah.

Uh, [clears throat] the bond market is It accelerates how bad things get because of the nature of the illiquidity.

So if you go back to the taper tantrum when they started to roll off QE back in 2013, uh, Bill Gross was the most celebrated bond trader in the world.

He's the bond king.

He ran PIMCO Total Return Fund, which is the largest mutual fund in the world.

I should sell them." And then you get another trillion dollars in redemptions into a much weaker market than before, and the bid-ask spread starts to widen from two points to four points to five points to no bid, and suddenly you see a waterfall effect.

And if you go back and look at the chart of PTTRX in 2013, it just waterfalls and basically never recovered.

And eventually, you know, Bill Gross was asked politely to leave PIMCO, which is basically a company that he put on the map, and then he kinda went and tried to start a new fund at Janus, and now he's just a talking head.

Uh, but, you know, he had some bad behavior after that.

These days, that model has, has gone.

But two thousand nine, uh, Bill Gross, the founder of PIMCO, uh, called.

I was in New York.

He, of course, at Newport Beach, and, uh, he had been looking at my work for some time, and he had been, uh, reading my work for since the nineteen nineties.

And Musk then goes on and found SpaceX.

Very, very, very, very interestingly, right before that happened, our boy Peter Diamandis got a call in 1999 from a friend of the show, Bill Gross, who was the founder of the u.s based idea labs incubator who was the first institutional investor in paypal and was heavily connected to the start of tether which was a satellite funder satellite investor later on and obviously lutnik is the bag holder of tether but so idea lab starts and it's bill gross bill gross calls diamantis and says I just got a billion dollars.

I want to start a space company.

We're going to do a private moon mission.

He talks about it for a second.

He goes, I just want to tell you a little bit about my blast off story.

And Bill Gross had called him and said, I want to do a private space company.

And we're going to go and we're going to use these Russian rockets, these Dnepr rockets.