Bill Gross: From Gambling to the First Billion
Bill Gross's success story perfectly demonstrates to all of humanity how, without any connections or financial
resources, 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 the same level, as their capital and outstanding investing abilities have written themselves into the history of the stock market in huge letters.
The only fundamental difference between these two investors is that Bill Gross is considered the king of bonds, while Buffett is considered the king of stocks. Both their funds are still in existence and generating profits for their investors.
The future king of the bond market was born in 1944 in the state of Ohio in the town of Middletown.
His family was very 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 college years: First lost money in a casino
Bill Gross was deeply interested in the human psyche, fascinated by why people behave in certain ways in different situations, how different people think, and how everything works. His career choice was obvious, so he enrolled in the psychology department at Duke University.
As a student, he worked part-time at a casino, where he was paid up to five dollars for servicing slot machines. As you can imagine, the casino atmosphere, which evoked the idea of easy money, led the young businessman to the blackjack table, where he completely blew his fifty-dollar salary.
The most interesting thing is that the defeat only fascinated Bill, so he bought the training book “Beat the Giver” and began actively studying.
After receiving his bachelor's degree, Bill Gross, with $200 in his pocket, went to Las Vegas and began actively raiding the casinos. You won't believe it, but Bill spent 14 hours at a card table, and after four months, he was able to leave the casino with $10,000 in capital. This sum, in fact, became his first capital.
First Successes: The Path of the Bond King
After earning his first fortune of $10,000, Bill Gross was drafted into the Army, where he served as a sailor for three years. Upon his return, he used his winnings to study at the University of California Business School, where he earned a master's degree. Realizing that adulthood had arrived, Bill began actively sending out his resume to companies and landed a job as an analyst for the Sunday Los Angeles Times.
After a short period of operation, Bill Gross and his colleagues James Muzzy and William Podlich persuaded their superiors to entrust them with the management of the fund. The team was so well-coordinated that the administration succumbed to the pressure and appointed Bill Gross to head the $5 million fund, with his friends serving as PR people and administrators.
After successfully managing the fund for one year, which Bill closed with a return of 18 percent, SCE Corp. entrusted the young manager with $10 million. However, the prospect of working for a high salary didn't exactly excite Bill Gross, so in 1971, he and his team founded Pacific Investment Management Company.
The company's success attracted the attention of large capitalists, so media conglomerate AT&T provided a huge sum to manage the fund. By the end of 1977, the company's assets exceeded $400 million.
Today, Bill Gross is officially worth $2.5 billion, and Forbes magazine regularly reports on his successes. In addition to his fame as a trader, Bill Gross has published two highly engaging books that chronicle his journey as an investor and offer practical advice on achieving success in this field.
