The writer is a philanthropist and co-founder of Pimco. He was also fund manager at Janus Henderson Investors from 2014 until his retirement in 2019
Let me be honest. The only bond kings and queens over the past half-century since credit was unleashed from its gold standard in the early 1970s have been the US Federal Reserve chairs.
Sure, there were lauded economists Henry Kaufman and Albert Wojnilower during the frantic end days of double-digit inflation in the early 1980s but they were consiglieres egging on clients to avoid long bonds and then somewhat belatedly issuing an all-clear.
There never has been an investor that could move bond markets with a large enough wallet to make a difference. The Fed chair with the ammunition of the global currency has been sitting on the monetary throne for the past 50 years.
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