Summary of Mary Childs's The Bond King , livre ebook

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38 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 In August 2005, Dan Ivascyn drove around with his mortgage broker to look at houses in the suburbs of Boston. They talked about the state of the market, which was not surprising to Ivascyn. It was slowing slightly, but that was normal for this time of year.
#2 One of Ivascyn’s colleagues was in Detroit, one in Miami, one in Vegas. They called their contacts at various mortgage lenders and asked to be set up with local Realtors and branch officers, so they could go on ride alongs.
#3 Ivascyn was assigned to the Housing Project by Gross, and he was excited to see how the market had changed. He was shocked by the extent of the lending malpractice.
#4 The housing market was the main reason Pimco made its billions. In 2006, their head of corporate credit predicted that if housing prices stopped rising, consumers would stop spending, which would cool the economy, which would make lending standards tighten.

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Bonds

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Publié par	Everest Media LLC
Date de parution	28 mars 2022
Nombre de lectures	0
EAN13	9781669368434
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Mary Childs's The Bond King
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14 Insights from Chapter 15 Insights from Chapter 16
Insights from Chapter 1

#1

In August 2005, Dan Ivascyn drove around with his mortgage broker to look at houses in the suburbs of Boston. They talked about the state of the market, which was not surprising to Ivascyn. It was slowing slightly, but that was normal for this time of year.

#2

One of Ivascyn’s colleagues was in Detroit, one in Miami, one in Vegas. They called their contacts at various mortgage lenders and asked to be set up with local Realtors and branch officers, so they could go on ride alongs.

#3

Ivascyn was assigned to the Housing Project by Gross, and he was excited to see how the market had changed. He was shocked by the extent of the lending malpractice.

#4

The housing market was the main reason Pimco made its billions. In 2006, their head of corporate credit predicted that if housing prices stopped rising, consumers would stop spending, which would cool the economy, which would make lending standards tighten.

#5

Pimco’s pessimistic stance on the housing market was natural, inherent: it was a bond investor. But now, the entire housing market was looking like a disaster-in-waiting.

#6

Bill Gross, the founder of Pimco, was a trend follower, but he had a unique ability to know when it was time to lean against that trend and take a contrary position. He was right more often than not.

#7

Pimco traders began to reduce the amount of risky bonds they bought. And Gross prepared to make his pitch to the world. He had sent out this now-legendary newsletter to clients and whoever else wanted to read it since 1978.

#8

Gross’s desk was always lit up with Bloomberg screens, and he was always on the move. He disliked small talk and would avoid eye contact in the hallways, but there was always a risk of more high-pressure encounters.

#9

The tension at Pimco was reinforced by location: they were trapped. They were in a gorgeous desert that ended in cliffs, their luxury homes perched precariously on top, dangling over the furious ocean. The location was an accident, but now it was part of the company’s pitch to potential employees.

#10

The Pimco culture was extremely obsessive, and they went above and beyond what everyone else did to make sure they were the best. They were so good at what they did that they had to convince themselves that they were the best.

#11

Pimco was waiting for the market to turn, but it never did. The underperformance continued, and the client base became more and more impatient.

#12

Timing the market is a fool’s errand. In finance, the cliché goes that being early is the same as being wrong. There’s another truism: trying to time the market is a futile effort.
Insights from Chapter 2

#1

In January 2007, the US economy seemed to be doing well, with the iPhone introducing by Steve Jobs costing just $599. But Bill Gross felt like he was being left behind, as Pimco slid farther down the rankings against its peers.

#2

Gross’s job at Pacific Mutual was boring, and he couldn’t wait to get transferred into the stocks division. He convinced his boss to let him try a radical concept: trading bonds.

#3

Raykoff wanted to sell the bad bonds and buy better ones, but his employer, a bank, was against this. They wanted him to buy up different bond maturities so they would have a reliable schedule of when that money would come back.

#4

The team included another young sprout, hired a few months after Gross, who’d worked at a stock brokerage firm. They took the $5 million and the empty corporate shell and ran with it, a stealth project inside a sleepy insurer.

#5

Pimco began to grow in scale as it added more clients, beginning with Southern California Edison in the early 1970s and then Albertsons in the mid-1970s. The company made money by taking risk and adding leverage, which helped them earn stellar returns in 1975 and 1976.

#6

Gross and his team were extremely successful in the 1970s, and they were able to navigate the 1980s with ease. They were able to spot the end of the mini-recession of 1981, and the regular recession of 1983, which kick-started a multi-decade bond rally.

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