Has PIMCO Found its Savior?
Paul McCulley (I have always wanted a legitimate reason to use this picture) former economist at PIMCO who left in 2010, returns in a similar role, the firm announced today.
McCulley is one of the smartest, most interesting thinkers around. And his departure form PIMCO in 2010 has been associated by some to a dropoff in the firms’s performance and understanding of the economy.
I feared as much at the time. One of PIMCO’s greatest strength has been its unparalleled understanding of the credit cycle and the particular impact of the Federal Reserve. With McCulley’s return, one hopes the Newport Beach firm has taken a major step towards restoring this core competency.
Here is McCulley from his PIMCO days. The question I want to ask is whether PIMCO (like the Yankees in baseball) will insist he lose the hair if he is to take up residence again in Orange County.
Tags: mutual funds