hasn't had much success running Global Multi-Asset Fund
Mohamed El-Erian, Pimco's co-chief investment officer, has been the fund's lead manager since its inception in 2008.
and Gross were prescient in inventing the term "new normal" to describe a very slow-growing global economy with heightened risks of recession, as befell much of Europe.
believes so, but thus far it has been a lousy wager.
fund actually offer too much freedom to its managers?
As for El-Erian
, who is Gross's heir apparent at Pimco
, my sense is that he's
more of a thinker than a money manager.