Gross's fund at PIMCO had terrible years in 2011 and 2013 and his new fund at Janus is underperforming the Barclays Aggregate Bond Index, so he needs both a sca

Gross's fund at PIMCO had terrible years in 2011 and 2013 and his new fund at Janus is underperforming the Barclays Aggregate Bond Index, so he needs both a scapegoat and a class of marks who will still buy in despite the performance. The Fed provides a convenient target to blame bad performance on, especially for Gross given his 2013 misread of Fed unwinding. As far as potential investors go, much of the country club set are sympathetic to the broader narrative of the capitalist hero (the guy literally refers to himself as 'Secretariat' and Justin Bieber of the bond market) beset by meddling bureaucrats and there's a smaller but much more enthusiastic group of devoted monetary cranks who really eat this stuff up.