For those that don't follow the bond markets, his former company, Pimco, would be the Google or Microsoft of bond traders.
Tangentially, Bill Gross, the other pillar of Pimco just announced today that he was leaving as well.
Pimco's funds are reportedly being hammered with withdraws. Estimates are that they could loose up to 30% of their managed assets, and with almost 2 trillion managed that's market moving news!!
Imagine you are at Google and in the span of a few months both Larry and then Sergey unexpectedly announce they are leaving.
Mr El-Erian used to leave home for work at 4.30am each morning
I always wondered why someone who trades in the markets would live out West where you need to be ready at 6:30 for the market open.
I'm guessing someone has a smart ass comment lined up about how being around for your kids should be the default, or how if they made 100 million in a year that they'd quit too, but I think articles like this are good, in that it reminds hard charging people to stop and look around once in a while.
if they made 100 million in a year that they'd quit too
That is certainly one option that affords one more time at home. On the other hand, quitting or even changing your schedule is probably impossible for a good share of the American labor force. There is however a sector of the work force that's in the middle of these two extremes, and is one which many HNers fall into. Many of us can -- and many do -- simply take a less demanding job or cut back one's responsibilities at the current job. Many times this can be done without any loss of pay and hence impediment to an otherwise comfortable lifestyle. However, this greatly reduces one's chances of climbing the corporate ladder, or making a huge exit on a startup, or whatever your motivation to work long hours may be. So I agree, it's a good article, because while money affords some near-total freedom and hamstrings others, it is not the primary factor for a lot of people who may not otherwise stop to seriously think of taking a step back.
I always wondered why someone who trades in the markets would live out West where you need to be ready at 6:30 for the market open
The equity market opens at 9:30 Eastern which, as you said, requires being ready by 6:30 Pacific. Since we're discussing bond markets though, you should be aware that the markets we trade in typically start trading by 8:00 am Eastern. We primarily trade via Bloomberg FIET, MarketAxess and TradeWeb. We trade about $4 billion per day.
The head of fixed income at my investment bank chews out any IT person that is unaware of this fact. It's his pet peeve after being told for decades by IT people, "What's the big deal if the system wasn't up until 9 am? The market doesn't open until 9:30!"
Pimco has roughly $2 trillion in assets under management which makes them one of the largest investment managers in the world. Time Magazine says that Pimco Total Return was the United States' biggest fixed income fund.
i leave for work at 5:30am and I have two kids. Its really to be at work a full day so I can leave at 3. I value spending dinner time and getting my kids to bed more then breakfast time with them.
Then again I'm sure he's not leaving the office at 3.. probably is there till 7 or 8
I have a hard time believing this is why El-Erian really left the company. The WSJ's revelations this week that PIMCO and Gross have under scrutiny by the SEC for over a year suggest that El-Erian got out while he could preserve his reputation.
Comments
For those that don't follow the bond markets, his former company, Pimco, would be the Google or Microsoft of bond traders.
Tangentially, Bill Gross, the other pillar of Pimco just announced today that he was leaving as well.
Pimco's funds are reportedly being hammered with withdraws. Estimates are that they could loose up to 30% of their managed assets, and with almost 2 trillion managed that's market moving news!!
See: http://www.theglobeandmail.com/report-on-business/pimco-with...
So if you think you are having a bad day......
Imagine you are at Google and in the span of a few months both Larry and then Sergey unexpectedly announce they are leaving.
I always wondered why someone who trades in the markets would live out West where you need to be ready at 6:30 for the market open.
I'm guessing someone has a smart ass comment lined up about how being around for your kids should be the default, or how if they made 100 million in a year that they'd quit too, but I think articles like this are good, in that it reminds hard charging people to stop and look around once in a while.
That is certainly one option that affords one more time at home. On the other hand, quitting or even changing your schedule is probably impossible for a good share of the American labor force. There is however a sector of the work force that's in the middle of these two extremes, and is one which many HNers fall into. Many of us can -- and many do -- simply take a less demanding job or cut back one's responsibilities at the current job. Many times this can be done without any loss of pay and hence impediment to an otherwise comfortable lifestyle. However, this greatly reduces one's chances of climbing the corporate ladder, or making a huge exit on a startup, or whatever your motivation to work long hours may be. So I agree, it's a good article, because while money affords some near-total freedom and hamstrings others, it is not the primary factor for a lot of people who may not otherwise stop to seriously think of taking a step back.
I always wondered why someone who trades in the markets would live out West where you need to be ready at 6:30 for the market open
The equity market opens at 9:30 Eastern which, as you said, requires being ready by 6:30 Pacific. Since we're discussing bond markets though, you should be aware that the markets we trade in typically start trading by 8:00 am Eastern. We primarily trade via Bloomberg FIET, MarketAxess and TradeWeb. We trade about $4 billion per day.
The head of fixed income at my investment bank chews out any IT person that is unaware of this fact. It's his pet peeve after being told for decades by IT people, "What's the big deal if the system wasn't up until 9 am? The market doesn't open until 9:30!"
Do you mean by company size, reputation for innovation (or lack thereof), or some other parameter?
Pimco has roughly $2 trillion in assets under management which makes them one of the largest investment managers in the world. Time Magazine says that Pimco Total Return was the United States' biggest fixed income fund.
sources:
http://time.com/money/3432798/bill-gross-pimco-what-to-do/
http://www.pimco.com/EN/OurFirm/Pages/OurFirmOverview.aspx
Funds under management is the usual metric in finance.
i leave for work at 5:30am and I have two kids. Its really to be at work a full day so I can leave at 3. I value spending dinner time and getting my kids to bed more then breakfast time with them.
Then again I'm sure he's not leaving the office at 3.. probably is there till 7 or 8
I have a hard time believing this is why El-Erian really left the company. The WSJ's revelations this week that PIMCO and Gross have under scrutiny by the SEC for over a year suggest that El-Erian got out while he could preserve his reputation.