Nation

Bill Gross

What happened: The flagship bond fund of Pimco, the world's largest bond portfolio, plunged in value this year while chief investment manager Bill Gross refused to move money to Treasury bonds. The apology: Bond guru Bill Gross offered a big mea culpa to disappointed shareholders of his Pimco Total Return Bond fund. In a "special edition" of his monthly investment outlook posted on the website Dealbreaker, Newport Beach-based Gross conceded that he was "having a bad year. ... Pimco’s centerfielder has lost a few fly balls in the sun." Tim Boyle / Bloomberg News
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