William H. Gross

William H. Gross

Key takeaways
* William H. “Bill” Gross co-founded Pacific Investment Management Company (PIMCO) and became known as the “Bond King.”
* He helped create broad, investable access to fixed‑income markets and popularized active bond management.
* Gross is also a prominent philatelist and philanthropist, donating parts of his collections and supporting the Smithsonian’s stamp gallery.

Early life and education
William H. Gross was born April 13, 1944, in Middletown, Ohio. He graduated from Duke University with a bachelor’s degree in psychology and served in the U.S. Navy during the Vietnam War. Early in his working life he pursued gambling and card counting, an experience he later said shaped his approach to risk.

PIMCO and investing career
In 1971 Gross co‑founded Pacific Investment Management Company (PIMCO) in Newport Beach, California, with Jim Muzzy and Bill Podlich. At PIMCO he built a reputation for active, often aggressive fixed‑income management, expanding bond investing beyond institutional buyers to a wider investor base through traded funds and mutual funds. PIMCO grew into the world’s largest active fixed‑income manager, overseeing trillions in assets.

Departure and later career
Tensions with PIMCO management culminated in Gross’s resignation in 2014. He later sued and settled with the firm. Gross then joined Janus Capital Group; the announcement of his move produced an immediate market reaction, and he remained at Janus until retiring in 2019.

Investment philosophy and influence of gambling
Gross has likened his time playing blackjack to a practical lesson in risk management. He has said the experience taught him to avoid overleveraging and to balance odds with prudent position sizing—ideas he applied to bond portfolio construction and trading.

Philately and philanthropy
A noted stamp collector, Gross assembled high‑quality collections of 19th‑century U.S. stamps and other rarities. He funded the William H. Gross Stamp Gallery at the Smithsonian National Postal Museum, the largest gallery dedicated to philately, and has donated proceeds from stamp sales to charity, including a multimillion‑dollar donation to Doctors Without Borders.

Publications
Gross is the author of several books on investing, including Bill Gross on Investing and I’m Still Standing, a memoir whose proceeds he directed to charitable causes through his family foundation.

Legacy
Bill Gross is best known for transforming fixed‑income investing into an accessible, actively managed market and for shaping how many investors approach bond portfolios. His influence spans markets, philanthropy, and collecting.