Mutual fund giant Pacific Investment Management Co. hires some of the brightest minds in finance. Then it forces them to prove their smarts every week. The Newport Beach company is best known for its celebrated fund manager, Bill Gross, whose prescient investment picks over the years turned Pimco into the world’s most powerful bond firm with $1trn under management, including the industry’s largest mutual fund, Pimco Total Return. But behind the scenes, Pimco has sought to craft a meritocracy in which its 125 portfolio managers have wide latitude to pitch their ideas and — most important — to challenge the firm’s investments and one another. At the heart of the system is a weekly meeting where portfolio managers square off in hours-long debates that are a cross between Socratic dialogue and bare-knuckled slugfest.
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Some housing pundits report the demand for housing is strong, while these same pundits, on another day say that we are in a housing affordability crisis. Can the two narratives be accurate at the same time? If not, which is one is true? HousingWire Columnist Logan Mohtashami takes a deeper dive.
Mike Bloomberg’s plan is making waves in housing because his plan calls for Fannie Mae and Freddie Mac to be merged into one company that would be fully owned by the government. But Bloomberg wasn’t the only candidate to release a sweeping housing plan this week.