OC’s Wealthiest 2024: BILL GROSS

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BILL GROSS
CO-FOUNDER
PIMCO

THE MONEY: Known as the “Bond King” for building Pimco into one of the world’s biggest money managers; it now has $1.8T AUM. Departed in 2014 in acrimonious split; has since reconciled. Retired in 2019.

THE NUMBERS: 50-year career, three-time Morningstar Bond Manager of the Year, Bond Manager of the Decade. Inducted into the Fixed Income Analysts Society’s Hall of Fame. Famously avoided 2008 financial crisis with his bond fund returning 4.8%, while his benchmark dropped 4.2% and S&P 500 Index fell 38%.

BIG BREAK: After a car accident in 1966, spent months in a hospital where he read Edward O. Thorp’s “Beat the Dealer.” Pair became friends, with Gross telling Thorp, “All the time that he’s responsible for my career.” Says arrived at Pimco at the right time—30-year bond bull market that began in early 1980s.

NEW BOOK: Announced release of new book in May titled “The King and I,” compiling all of Gross’ investment outlooks dating back to the 70s. “There were, however, rather remarkable forecasts formed by Pimco’s Investment Committee on the dangers of leverage in the housing market and a potential Great Recession in 2007… These are the heart of how Pimco became one of the largest asset managers a few years later,” Gross wrote in an excerpt from the book.

INVESTMENT TIP: “Keep bond durations short; expect low single-digit returns from stocks; consider commodities; don’t invest exclusively in the U.S., despite its more dynamic economy due to AI,” Gross wrote in an investment outlook in June.

PHILANTHROPY: Managing investments at William, Jeff and Jennifer Gross Family Foundation, which is now up to $550M. He aims for 5% annual return to donate about $25M annually. Gave $18M to 67 nonprofits and charities last year, including Doctors Without Borders, Atrium Health Foundation, Orange County Teachers of the Year Award Foundation and several other local, national and international recipients.

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