'Bond King' Bill Gross shares his best investment ever — and the brutal bet that lost him 50% in a month
Source: Business Insider ·
Pimco billionaire Bill Gross told BI why he's a big fan of pipeline stocks, and walked through a terrible wager he made in 1969.
From the source
Bill Gross founded bond giant Pimco.Mary Hurlbut/Stu News LagunaBill Gross shared his best investment and worst investing error with Business Insider.The billionaire "Bond King" said his bet on pipeline stocks has paid off handsomely.The Pimco cofounder said he lost 50% of his savings in a month when he bet on Treasurys in 1969.Bill Gross says he made the best investment of his career only a few years ago, while his worst investing error dates back nearly six decades.The billionaire cofounder of bond giant Pimco told Business Insider by email this week that his shrewdest wager to date was the purchase of a portfolio of master limited partnership (MLP) pipeline stocks around three years ago.Pointing to Western Midstream Partners as an example, he trumpeted the "enormous" tax benefits of these types of stocks.Specifically, Gross said their distributions are largely treated as return of capital instead of dividends, so they're only taxed upon sale, and those deferred tax liabilities can…