Some news reports stated that Bill Gross was about to be fired from Pimco before he quit because of erratic behavior.
That led some commentators to speculate that the bond king had lost his marbles. Not so, asserts CNBC commentator Ron Insana.
"Bill Gross is not crazy," he writes on CNBC.com.
Insana addresses Gross' monthly market commentaries, which are full of irreverence and digressions.
"So what?" Insana writes. "That does not make him a lunatic who deserves to be locked up, or a wild man, hell-bent on self-destruction. That is how you get your work to stand out from the pack."
Gross isn't the only star money manager who's tough on colleagues, Insana notes. "Legendary hedge-fund managers from Michael Steinhardt to Julian Robertson to Stan Druckenmiller to my old boss, Steve Cohen were, or are, reputed to be impossibly difficult to work with."
Gross may end up with the last laugh, Insana writes. "There is another chapter yet to be written in this story, and it might be titled, 'Hell Hath No Fury Like a Bond King Scorned!'"
Meanwhile, it turns out there was a possibility of Gross working with fellow star bond investor Jeff Gundlach, CEO of DoubleLine Capital.
When Gross learned in recent weeks that Pimco wanted to fire him, he got in touch with Gundlach, The Wall Street Journal reports.
Gundlach told the paper that he invited Gross over to his house to discuss whether he was interested in playing second fiddle to Gundlach at DoubleLine. "It was an intriguing idea. I am sort of glad he made his decision for me," Gundlach said.
© 2021 Newsmax Finance. All rights reserved.