NYT – There were two big developments last week that seemed unrelated but are really part of the same big story of how finance is changing.
First, Calpers, the gargantuan California public employees pension agency, said it would no longer invest in hedge funds. Second, Bill Gross, the renowned investor who built Pimco into the world’s biggest bond manager, quit the firm for a much smaller competitor, apparently amid bad blood with his former colleagues.
