On the bubble

Bill Gross, head of Pimco, has shown his pessimism about the corporate bond market by removing his own money from a Pimco-managed fund. Is this a timely move or has he jumped too soon? Linda Corman reports

Bill Gross, who sits at the helm of Pimco, the largest bond mutual fund in the world, is the 800-pound gorilla of the bond world. In the January issue of Outlooks, Gross’s monthly newsletter, he made it known that he believes the corporate bond market is overblown and that anyone who thinks there is still value to be eked out is headed for a rude fall. And, as if to counter suggestions that he should put his money where his mouth is, Gross has withdrawn his own money from his $73.8 billion Pimco