Bill Gross

This article concerns the PIMCO bond manager; for the business-startup manager, see Bill Gross (entrepreneur). For the Roman Catholic archbishop, see William Hickley Gross. For the French professional footballer, see William Gros.

Bill Gross
Born	William Hunt Gross (1944-04-13) April 13, 1944 Middletown, Ohio, United States
Residence	Laguna Beach, California, United States
Nationality	American
Alma mater	UCLA Anderson School of Management (M.B.A.) Duke University
Occupation	Janus Capital
Known for	Co-founder of PIMCO
Net worth	$2.3 billion (March 2013)[1]
Religion	Presbyterian
Spouse(s)	Pamela Roberts (divorced) Sue J. Frank
Children	with Roberts: –Jeff Gross –Jennifer Gross with Frank: –Nick Gross
Parent(s)	Shirley Tait Sewell Mark Gross

William Hunt "Bill" Gross (born April 13, 1944) is an American financial manager and author. He co-founded Pacific Investment Management (PIMCO). Gross also ran PIMCO's $270.0 billion Total Return Fund (PTTRX). Gross left Pimco to join Janus on September 26, 2014.

Early life and education

Gross was born in Middletown, Ohio, the son of Shirley (Tait), a homemaker, and Sewell Mark Gross, a sales executive for AK Steel Holding.^[2](subscription required)^[3] Part of his family is originally from Winnipeg, Canada.^[4] He was raised a Presbyterian.^[5] He moved with his parents to San Francisco in 1954.^[3] Gross graduated from Duke University in 1966 as an Angier B. Duke Scholar, and with a degree in psychology.^[6] At Duke, he joined Phi Kappa Psi.^[7] He then served in the Navy and earned an MBA from the UCLA Anderson School of Management in 1971. Gross briefly played blackjack professionally in Las Vegas, Nevada, and has said that he applies many of his gambling methods for spreading risk and calculating odds to his investment decisions.

Career

Gross is a CFA Charterholder, who earned his credentials while working as an investment analyst for Pacific Mutual Life between 1971 and 1976.^[8]

Gross managed one of the world's largest mutual funds, focusing mostly on bonds. Called "the nation's most prominent bond investor" by the The New York Times,^[9] he co-founded Pacific Investment Management (PIMCO) and managed PIMCO's Total Return fund (the world's largest bond fund) and several smaller ones until his departure in September 2014.^[10]

In the 1990s he authored two popular-market books on investing, Bill Gross on Investing and Everything You've Heard About Investing is Wrong! In September 2008, by holding large positions in agency-backed mortgage bonds of Fannie Mae and Freddie Mac, Gross's funds netted U.S. $1.7 billion after the federal takeover of Fannie Mae and Freddie Mac,^[11] for which he had lobbied.

Philanthropy

In 2005, Gross donated $23.5 million to Duke University, $20 million of which was set aside for financial aid.^[12] In 2006, Gross donated to Doctors Without Borders/Médecins Sans Frontières the $9.1m^[13] that he earned from the auction at Shreves Philatelic Galleries of his British philatelic collections.^[14] Over the years, Gross has become the largest donor in history to Doctors Without Borders at approximately $25m. His Scandinavian and Finnish collections were sold by Spink auction house in May 2008 to make a donation to Jeffrey Sachs Millennium Villages Project at Columbia University.^[15] Gross and his wife also donated $20 million to Hoag Memorial Hospital Presbyterian for women's health and $10 million to the University of California, Irvine to found a stem cell research center at its school of medicine.^[16]

In 2012, Gross and his wife, Sue, donated $20 million to Cedars-Sinai (Los Angeles) for the new Sue and Bill Gross Surgery and Procedure Center. The center will take up the fifth floor of the Pavilion, which is scheduled to open in summer 2013.

In 2013, Gross and his wife donated $20 million to Mercy Ships. This will be designated to build toward a new hospital ship, currently in the design phase, to join the current hospital ship, the Africa Mercy, in delivering medical services to the poor. In honor of this donation, the hospital on board the new ship will be named the Sue and Bill Gross Healing Hospital.^[17]

In 2016, Gross and his wife donated $40 million to the University of California, Irvine to establish a nursing school.^[18][16]

Personal life

Gross has been married twice. In 1968, he married Pamela Roberts. They had two children: Jeff and Jennifer. They later divorced. In 1985, he married Sue J. Frank; they have one son Nick.^[19]

Gross is a prominent stamp collector.^[20] As of November 2005, he became the third person (after Robert Zoellner in the 1990s and Benjamin K. Miller pre-1925)^[21] to form a complete collection of 19th century United States postage stamps. In October 2005, he purchased at auction for $2.97 million a unique plate block of the famous 1918 24-cent U.S. airmail stamps known as the "Inverted Jenny," featuring an engraving of a Curtiss JN-4 biplane printed upside-down. He then traded the Inverted Jenny plate block to Donald Sundman, President of Mystic Stamp Company, a stamp dealer, for a 1-cent 1868 "Z Grill" depicting Benjamin Franklin (one of only two known to exist), thus completing Gross's 19th century collection.^[22]

In 2014 Gross was reported as one of a number of "prominent investors [who] have taken to Transcendental Meditation".^[23]

Selected works

• Bill Gross (1997). Everything You've Heard About Investing Is Wrong!. Crown Business. ISBN 0-8129-2839-3. 
• Bill Gross (1998). Bill Gross on Investing. Wiley. ISBN 0-471-28325-8. 

References

External links

• Speech inducting Bill Gross into the Fixed Income Analysts Society Hall of Fame
• New York Times article on Gross's stamp collecting
• The Bill Gross' Way of Making Money (Market Thoughts)
• The William Gross Stamp Collection
• Gross auction at Shreves Philatelic Galleries
• American journalist Consuelo Mack interviews Bill Gross of PIMCO