SoCal's new bond king, Jeff Gundlach, is missing one of the these: a 2010 Porsche Carrera 4S. Along with $10 million in art and a few bottles of wine.
There are three big names in bonds these days, and they're all in Southern California. Together, Bill Gross and Mohamed El-Erian run Newport Beach-based PIMCO, the world's largest bond fund, overseeing a jaw-dropping $1.8 trillion in assets. Meanwhile, former '80s rocker Jeff Gundlach has been coming on strong in the past year.
His L.A. firm, DoubleLine Captial, has grown significantly, with now more than $40 billion under management. Gundlach's old firm, TCW (which he left in a cloud of controversy in 2009), is also in the news: It's being bought by the Carlyle Group, one of the world's biggest private equity firms.
PIMCO is in the midst of much speculation about whether El-Erian will be able to run the find as effectively as Gross once Gross decides to call it quits. This has created plenty of opportunity for Gundlach, who was already well known for his ability to make piles of money, to position DoubleLine as a better, faster PIMCO and a smarter, punkier TCW. Back in May, Businessweek's Roben Farzad captured the meteoric ascent of DoubleLine, which has gone from zero to $40-ish billion since 2010, and Gundlach, the new "bond king."
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Ready for your Pinot Grande? Starbucks, the giant coffee retailer, has been undertaking a transformational experiment for the past two years. Back in 2010, on its home turf in Seattle, it began serving beer and wine and premium food in a setting that was meant to evoke a soothing nighttime experience more than a peppy morning wakeup call.
Now "Barbucks" is coming to the Southland. We don't yet know how many locations will serve alcohol along with caffeine, but we do know that the option will be available — and that Starbucks will be charging more-or-less typical prices. Wines will range from $7-9 a glass, while beer will clock in at a fairly modest $5.
We already know that Starbucks can print money, so to speak, by transforming coffee beans, milk, syrup, and other ingredients into $4 and $5 beverages. The beauty of wine and beer is that it requires much less labor to serve than producing a latte.
UPDATE: A commenter has me thinking that Three Wishes may be produced by...the same people who make the Chuck (The Bronco Wine Company)! A bit of an interesting "conspiracy" in the ultra-cheap wine world? It would create an interesting wrinkle in Whole Foods' "chuck the Chuck" argument. I'll see what I can learn...
A little more than a month ago, Whole Foods rolled out an alternative to Trader Joe's "Two Buck Chuck," the lineup of $1.99 Charles Shaw wines that have been wildly successful for the retailer. Whole Foods isn't kidding around: "chuck the Chuck" is its sales pitch.
I've always believed that Two-Buck Chuck is among the most imporant wines every introduced. The wines aren't very good. But they have made it possible for people to load up on wine and drink it more frequently. Brilliant. Plus, the brand has become an institution and eliminated much of an anxiety that wine seems to induce. It comes in a premium-type wine bottle and it has a cork. It's not a jug wine. It's not a box wine. It's not rotgut.