FYI: Somewhere on the journey from Pimco to Janus JNS, -2.23% , Bill Gross changed in the eyes of many investors from industry giant to crackpot.
Stories emerged about Gross’s erratic behavior, suggesting he left in a rage of spite and discord, hitting the exits before Pimco could boot him. Critics had several years of middling performance to use as proof that Gross’s touch no longer was magic.
The truth lies somewhere between the extreme edges of the story, and is shadowed by the perceptions and experiences of the viewer, but the whole tale raises an interesting question, one voiced most clearly to me by Luke in Allen, Texas — a regular listener to my radio show MoneyLife — who asked, “How can you tell if a manager has lost it?”
Regards,
Ted
http://www.marketwatch.com/story/how-do-you-know-when-your-fund-manager-has-lost-it-2014-10-03/print
