Bill Gross. From gambling to the first billion
The success story of Bill Gross perfectly demonstrates to all of humanity how, without any connections or financial
capabilities, a person with his desire for success can conquer even the most unprecedented heights.
Many analysts and journalists put Bill Gross and Warren Buffett on a par because their capital and outstanding investing abilities are written in huge letters into the history of the stock exchange world.
The only fundamental difference between these two investors is that Bill Gross is considered the king of the bond world, while Buffett is considered the king of the stock world. Both of their funds exist to this day and generate profits for their investors.
The future king of the bond market was born in 1944 in Ohio in the town of Middletown.
His family was the most ordinary and in terms of wealth was no different from other average families in the city, since his father was an ordinary manager in a steel company, and his mother was an ordinary housewife.
Bill Gross's student years. First lost money in a casino
Bill Gross was actively interested in the human psyche, he was interested in why people behave in a certain way in different situations, what kind of thoughts different people have and how everything works. The choice of profession for him was obvious, so he entered the psychology department at Duke University.
As a student, he actively worked part-time at a casino, where he was paid up to five dollars for servicing slot machines. As you understand, the atmosphere of the casino, which imposed the idea of easy money, brought the very young businessman to the blackjack card table, where he completely lost his fifty-dollar salary.
The most interesting thing is that defeat only distracted Bill, so he buys the training book “Beat the Giver” and begins active training.
Having received his bachelor's degree, Bill Gross, with $200 in his pocket, goes to Las Vegas and begins to actively storm the casino. You won’t believe it, but Bill sat for 14 hours at a card table, and after four months he was able to leave the casino with a capital of $10,000. Actually, this sum became his first capital.
First successes. Way of the Bond King
After earning his first fortune of 10 thousand dollars, Bill Gross is drafted into the army, where he serves as a sailor for three years. Upon returning with the money he won, he goes to study at the University of California business school, where he receives a master's degree. Realizing that adulthood has already arrived, Bill begins actively sending out his resume to companies and gets a job as an analyst for the Sunday Los Angeles Times.
After a short time of work, Bill Gros and his colleagues James Muzzi and William Podlich persuade their management to entrust them with the management of the fund. The team was so well-coordinated that the administration could not withstand the onslaught and put Bill Gross at the head of the five million dollar fund, and his friends became PR people and administrators.
After successfully managing the fund for one year, which Beal closed with a return of 18 percent, SCE Corp entrusted the young manager with its $10 million. However, Bill Gross was not very happy with the prospect of working for a high salary, so in 1971 he and his team opened the Pacific Investment Management Company.
The success of this company was noticed by a lot of capital, so the media conglomerate AT&T provides a huge sum for the management of the fund. By the end of 1977, his company's assets amounted to over $400 million.
Today, Bill Gross is the official owner of two and a half billion dollars, and Forbes magazine regularly writes about his successes. In addition to being a celebrity as a trader, Bill Gross has published two very interesting books that tell his path to becoming an investor and give real advice on achieving success in this area.