Here’s some good news for PIMCO, which has been realing in the departure of Mohamed El-Erian and some bizarre statements made by Bill Gross: The Newport Beach, CA-based bond firm has just hired credit guru Harley Bassman from Credit Suisse.
Bassman, who calls himself “The Convexity Maven,” told clients in a note obtained by Bloomberg News that he was ending his 30-year career on Wall Street’s “sell side” and joining the “buy side” so he could “more directly implement my ideas for broad-minded investors.” He’ll start at Pimco’s Newport Beach, California, headquarters in July, reporting to Josh Thimons and Steve Rodosky, the firm said in a statement yesterday.
On his website, Convexitymaven.com, Bassman reveals his life mantra:
For those of you who are meeting me for the first time, let me recite my Mantra:
1) It is ALWAYS about character.
2) It is NEVER different this time.
3) You are born; you live; and then you die. Prioritise you life.
My goal is to synthesize large ideas into reasonable investment themes by taking a dispassionate view of the entire landscape and to avoid being distracted by short-term noise (local volatility). Most importantly, to use Common Sense, a skill that is not of great value during formal schooling, but is the fulcrum of real life. If you are still reading this site, you can afford to take a vacation and enjoy your family. Remember, family trumps work. Those extra few dollars cannot replace “kid time”. The graveyards are full of indispensable people (and you know I mean you). While this is certainly not “G-d’s work”, I do believe I provide some value to society. I hope some of the notions I expound will help you to do the same.
Hard to argue with much of that.