>> from bloomberg world headquarters in new york, i am mark crumpton and this is a boat bottom line." today, pimco cofounder bill gross leaves the firm were janus capital. the british parliament approves airstrikes against islamic state militants. and we will look at the price tag for derek jeter memorabilia. in the united states and those joining us from around the world, welcome. we have full coverage of the stocks and stories making headlines today. michael mckee tells us this in

place in his new -- disinflation is the new wildcard. we will examine the bill gross departure from pimco and we begin with julie hyman and the latest of elements at pimco and janus capital. >> good afternoon. the financial world is reeling and trying to figure out what was behind the departure of bill gross from pimco. one could argue that perhaps some of the warning signs or flags were there. the firm has been in tumult for the last year or so following 16 trade months of redemption to its flagship ones which is the world's largest bond fund.that was downk of 200 $33 billion and now down to $22 billion in assets. bill gross is leaving the firm he founded back in 1971. there had been some infighting as well at pimco and there was the departure of his top lieutenant, mohamed el-erian who went to the parent company alley

on's as a global economic adviser. that is the background here we have seen. hass going to janus which struggled to get its fixed-income business up and running. we talked to jack vogel at vanguard earlier about the no gross legacy for the mutual fund industry. >> it's a big loss to the mutual fund industry. he has been a pioneer. he is in many respects changed the world of bond investing and there is more focus on it. is surely one of the great men of the business. if he's out of the mutual fund business, we are all impoverished the best. -- impoverished a bit. >> he will be in the mutual fund business of at janus managing a fund that was started in late -- in late may but who will be his successor? speculation and people inside the firm have indicated that perhaps daniel iversen who

has been there for years might indeed be his successor. said there would be an announcement of his successor in the coming hours. we are waiting for confirmation that it's ivascyn or perhaps someone else. as a look at the personnel changes and potential changes, we have to think about the effect on the markets. there has been a ripple effect on people have been looking at the total return fund and what is it invested in? will there be more redemptions because of his departure and will they sell the various assets in which they have invested? treasuries are falling today in part linked to this. we have seen spanish and italian bonds fall in part linked to this because bill gross has said he liked those investments. >> thank you. for more on the the partner of bill gross from pimco, i am

joined by tom keene and sheilacolhatcar. wrote todaystein that william h gross appears to have jumped before he could be pushed out at pimco. you spoke to him at length a few months ago. was there any hints that something like this was coming? >> it's pretty clear to me at that time that he was quite deeply unhappy. something had happened to him that happens to a lot of great investors just that he was so successful at his core talent and skill which was investing that he suddenly found himself in charge of running an enormous company with many employees. that was not part of the oriness that he was good at that he wanted to do. he really wanted to spend his time investing. it has been a struggle for him to find the right partner to take on those management duties so he would be freed up to do what he does best which is look at his screens and invest in

treasuries and other bond products for his investors. >> steer that mercedes down the pacific coast highway with his knees -- tom, the chief executive douglas hodge put out a statement that read -- what were the differences? >> there were major differences between a gentleman 70 years old who has been doing it for years and years. mba and out of uc delivered the goods at pimco. to sustain that -- not that we would talk about the pittsburgh steelers but there are challenging times for any great franchise. bill gross has been through that before. 2004 of a him about tough moment for him there and the recent six or seven months. the performance is not been there with his challenges.

there were some sniping comments today from people. the critical thing is mr. gross moves onto a much smaller platform where maybe gets reinvigorated. >> sheila, you talked about that reinvigoration and looking at his screen, doing what he does best without all of this ancillary disturbance around him. >> by his own admission, he said i am not mx divert. he said. i'man introvert and a f habit i like to go home and watch game shows on tv with my wife. he has his obsessions and one of those is investing and he wants to spend most of his energy on that and not doing hr, management, meetings can -- the kind of things you have to to run an organization. >> what about the talk that there was increasing tension between gross and pimco. that -- did that affect the returns? >> i think it was a major distraction for him and for other people at pimco. i think that is one of the

issues. there are reports that mr. gross did not necessarily handle dissent in a very tactful fashion. some people do with that better than others. >> why are you looking at me? >> i do not mean that -- >> when mr. gross was on the air, i believe trish regan interviewed him and she asked about those whispers that maybe his style was authoritarian. >> there was a collegial note about the back-and-forth which is soap opera. i suggested happens at a minor level in every single shop and maybe here it was accentuated with the performance. i would go back to the professional aspects. every jobsjoins me day. we have gone back and forth for years. he has a fed call. i don't think it's a small idea that we have this news as we have a four pointx gdp number. bill gross has been calling for

a subdued, tempered, new neutral and many a pimco collegially disagree on that core theory. this plays into fed policy and we are doing this within a boom economy at least in the second quarter. >> can we draw the ark from january from when mohamed el-erian left until today? >> absolutely, all of the pieces were in place. from pimco management perspective, although this seems to be a bit of a shock to everyone, they have been planning for this eventually happening since at least january. they have promoted a number of people to nude to beauty cio positions. everyone knew that one way or another, mr. gross removing on at some point. he is 70 and is reached the point where he was considering how he wanted to spend the rest of his career so this cannot be a total surprise. >> i think this is very important -- every mutual fund company faces these challenges whether it is pioneer of boston years old, at 80

you've got to have a ballet of succession when your core capital goes up and down the elevators every night. enson.k to me about dan is >> that's a large successful platform joined -- owned byalllianz. this is an aircraft carrier going through the water and a got a wide body. >> someone said they have a deep bench. >> dan is very impressive and has been with the company long time in maine is name investing in morse -- and mortgage securities post-financial crisis. the issue now is they have a number of very talented people. how are they going to manage perhaps disappointment among someone who does not end up with the successor role he or she may want. that will be a delicate ballet, as tom puts it, for the company to manage. >> to be continued... thank you both. coming up, u.s. second-quarter

gdp was revised upward. we will take a look at what's behind the fastest rate of economic growth since 2011. michelle girard rajoy mate when we continue in just a moment. ♪

>> welcome back. investors are betting on the feds forecast for rate increase in mid-2015. michael mckee says there has been a quiet change in the economy that may mean a change

of plans at the central bank. how quiet? >> many people of not notice because we have been watching the labor market but fed officials are growing quietly concerned about inflation or the lack there of. it is falling again. over the last couple of months, prices that were rising out of the danger zone have started to fall again. this is the pc core index. the factors that influence prices are still pointing down the tories them. first the dollar -- up more than seven percent over the past six months against the world most traded currencies. that makes imported goods like christmas presents cheaper. partly tied to that is a collapse in commodity prices. this is an index of industrial commodities them of the roma taylor's desarrollo to rose the goes into the things we make or import. pricen on the farm, huge drops will depress food prices and meet in particular, even

with the drought ravaging california. at the same time, we see a big drop in oil and gasoline prices. and food andnews gas are not part of core inflation. this matters to you. ultimately, that's what the fed is worried about -- the danger of deflation is it becomes embedded in psychology and people stop spending. >> what is happening to expectations? >> unfortunately for the fed, they are starting to fall again as well. investors can rate the data. this is the fed's own measure of expectation. you can see it is down to the lowest since december of 2011. at that time, the economy was be recovering and expectations were going in the other direction. >> what does this mean for the central bank? >> if it continues lower for longer and of the fed will hold off until we get close to the two percent target, analysts calculate that based on the falling inflation so far, a fed great move should be pushed back by about six weeks and that gets pushed back even farther if the

disinflation or impulse continues. beanything, it seems to getting stronger as growth slows in europe and china with lower global demand which means lower prices ahead. >> thank you. the u.s. economy grew in the second quarter at the fastest rate since 2011. the commerce department revised gdp to 4.6% from 4.2% in line with estimates. michelle girard is the chief -- inconomist at connecticut. >> good afternoon. >> business investment and x ports -- were they the main drivers of that surge we saw last quarter? >> we are rebounding in those areas to be sure. this story was an offset to the weak first quarter numbers. we talked about it and you mentioned it, it was the strongest since 2011 on the first quarter was the weakest since 2009. i think it's best to average the

last two or three quarters together. even that is disappointing. many people came into the you're looking for rope. this would be the year we get three percent+, but we were not going to get that in the first half even looking through the noise. the economy performed more disappointingly than that. >> which way is the momentum pendulum swinging? >> that's the important point here. i think we are looking at an economy that is being able to pick up some momentum in the underlying pace of growth. i was not one of those people who came into the you're expecting that things would feel a lot different than they do it in 2013. for the first time, i actually am expecting that there is the potential for growth to approach the three percent mark sustainably in the second half of the year and beyond. that has to do with the consumer better position now than it has in at any point in the expansion. if we can get consumer spending to kick in closer to 2.5 or

three percent, that is what you need to be able to talk about the underlying trend in growth to move up or toward the three percent mark. >> you mentioned the consumer but not all growth categories saw an upward revision. consumer spending was unchanged at 2.5%. as the consumer decided to take a breather? terms% is pretty good in of what we have seen over the last couple of years. we have been trending between two percent-2.5%. i don't think the performance and the second quarter was terribly disappointing. i think was a pretty solid performance. it's not what you need if you want to be talking about growth moving higher. the third quarter may be somewhat similar but i think the fourth quarter will get better and i think it will be able to be sustained and the first part of next year. wages and salaries in particular are growing that are than 3.5%

and there's a high savings rate and the fact that consumers are willing to borrow a bit. theinted those things for outlook for consumer spending being better next year than it has been in the last year. michelle, how will the rough start to the year especially that harsh winter weather we saw in some parts of the u.s. going to affect the overall world forecast? >> i think we are moving beyond that. we are seeing better numbers. the question on everyone's mind will be -- is this just another head fake? we see false starts were things are coming together and then it fades. think this actually will not be a head fade and we will be able to hold at these better levels going forward. i think that will be the real question. even if we get stronger third and fourth quarter numbers, everyone will wonder if it's just an offset from the weather and the weakness in the first half or is there something more going on?

i think that will end up -- the way that breaks will end up influencing the outlook for fed policy. >> how does janet yellen read these tea leaves? is she saying the same thing you are seeing? >> i think she has to be encouraged. i think the fed is more confident about the expansion. i think that's why you see these dots moving gradually higher. when you are talking about the disinflation trend, i will say we pushed back against people extrapolating the high numbers in the spring too far forward, i would do the same in terms of the lower readings you see over the last couple of months. once again, we got special factors like airfares which is another issue that has weighed on these inflation numbers. i don't think that is something we will see extended. i think the disinflation trans will evaporate and ease in the months ahead like the high

readings in the spring gave way. i don't we have to worry about that but this is a fed bias to be slow and patient. the strong dollar and the inflation readings give them the ability to stand pat for longer even if the data looks better. >> in about 20 seconds, what is the growth trend look like for the end of the year and into next year? >> i've got better than three percent growth slightly in the third and fourth quarters and that extends into 2015. i think we are going to be able to move to a better growth trajectory than we have seen. >> michelle girard is a chief u.s. economist at rbs securities joining us from stamford, connecticut, thank you so much. . >> have a good weekend. >> up next, julie hyman returns with an on the markets of date and more reaction to the bill gross decision to leave pimco and "bottom line" returns in a moment. ♪

>> welcome back. this is " bottom line," on bloomberg television, streaming on your phone, your tablet, and bloomberg.com and now available on apple tv and amazon fire. --s rogue ramming reminder we are only a few weeks away from the debut of our new bloomberg politics broadcast --" with all due respect." mark halperin and john heilman will launch on october 6 at 5 p.m. new york time on them bloomberg. we're approaching 26 minus is past the hour which means bloomberg television is "on the markets." here is julie hyman. >> thanks so much. we see stocks rebound today after the worst drop since july yesterday. three straight days of declines and we have not seen four straight days down for this year and we are not seeing it today as stocks are back up. energy, technology, discretionary shares are leading the gains but it's a broad-based rally, all 10 industry groups in

the s&p 500 are higher at the moment. we had the gdp revision for the 4.6% asuarter to expected by economists but nonetheless better than the initial read so that is helping and we had a couple of earnings reports from the likes of nike and micron. in terms of other individual stocks, janus capital shares are soaring because of our top story. they poached bill gross from pimco to run an unconstrained bond fund. bill gross has had a tumultuous year at pimco after the former ceo mohamed el-erian announced his abrupt resignation. we are still awaiting an announcement of who will take over for him. a person can lay with the matter said the firm was considering daniel ivascyn who is at the firm presently and we have been

discussing the ripple effect through the market of this including a selloff in treasuries. we will have more "on the markets" in 30 minutes and more on the pimco etf specifically. stay tuned. ♪

>> welcome back to oak vote bottom line." return fund has suffered 16 straight months redemptions as the world's biggest bond fund faltered in performance. dan wiener's chairman and ceo of advisor investors which is $3.2 billion under management and he is the editor of the word winning newsletter independent advisor for vanguard investors. he joins in the studio and welcome back. >> thank you. >> why is this a good move at this time for bill gross? >> bill gross does not need the money. he does not need the headaches of pimco. andan go off to janus

essentially rebuild the reputation that got him to the place where people called him the bond king. he will be able to take a zero asset fund and he will be able to build it in positions that he likes. it is not have to worry about being part of some big committee. they will give him free reign. the big question will be who will he bring with them? who will leave pimco after him? in hindsight inevitable after mohamed el-erian [january? >> remember, it he left and came back and he left again. there has been a lot of movement. bill gross is the big dog in the bond market. he's got a big ego as a lot of really good investors do. it's very hard to share the limelight. andan now go over to janus has got the spotlight on him. this is a guy who liked to talk

his book. he would come on the air whether it was bloomberg or anywhere else and would like to talk his book. what is he buying, what is he selling coming he could move markets. now he is going to have a brand-new platform. it's like having a kitchen that is brand-new. >> for over a year, investors have been pulling money out of pimco's total return fund. why were they concerned about the bill gross ability to continue delivering on big returns? a lot ofk there is money that moves based on very short-term action. look at the history of bill gross. we have been and a heard a year plus bowl bond market. but heps tend to rise was able to outperform the bond market even in a bull market. he faltered for a few months and money starts flowing out -- at $220 billion, even the movement

of 10 or $20 billion is not that much. >> what about the reports of the whetherstigation as to the author bought at a discount and marked up? >> that is a good question. i think they are looking at is actively managed etf. i don't think they will find anything. with the sec will find i think is this is what happens in the bond market when you are writing small pieces of small issues, lots. we do some odd lot trading at adviser investments in our bond guy does the same thing. he is buying tiny pieces of big pension funds. janus onoss starts at monday. where is the noncompete? guess it's because the guy was running the show there and it was his company. probably no one had the guts to ask bill gross for a noncompete. >> did they think he would never leave? >> i would imagine they did.

it's hard to leave the debut built but he did it. we have had two big-name moves in the bond market. it was almost five years ago that jeff done the lock left -- go and lock -- jeff gundlach left and he had $10 billion under management. his flagship and has over $35 billion in assets. >> i have to ask about his concept of new normal and about how economies work post-crisis. how did that change investment strategy? >> i think a lot of investment strategists looked at what bill gross and pimco were saying and said that we can call it whatever it is but we are in an environment where the bond market has been in a bull for 30 years with lower interest rates and the fed has no more room to move to the downside. this may be normal but it is

very new. it's a new environment and that's what happened. >> dan wiener, thank you. >> thank you. bill gross. olivia sterns is in for trish regan on "street smart." >> we will keep talking about the abdication of the so-called bond king. we will have someone who used to work with bill gross at pimco and more questions are to be answered. pimco shift gears and take the world's largest on fund out of the new neutral and accelerated to other areas? what's is the bill gross arrival at janus mean for that fund? will he be able to bring money and retain talent and raise funds? lots of those questions and ahead we have a new cyber threat. it is called shell shock, a bug that is a piece of software and open to more than 70% of the machines that connect the

internet. it is causing major concern to many cyber security experts and could be used to take control of hundreds of mines of machines around the world and that includes your smart phone. i will speak with the former obama administration security officer. all that a much more coming up next on "street smart." >> see you at the top of the hour. up next, to more countries added to the coalition fighting islamic state militants of those details when we return. ♪

>> it is time for today's latin america report. we have the latest on the debt crisis in argentina. a group of hedge funds is suing argentina over defaulted bonds and backed us the citibank request to make it $500 million interest payment what is due september 30 according to a person with knowledge of the matter. a hearing on the issue is set

for today in manhattan federal court. that is your latin america report for this friday. for this lawmakers have voted to join the us-led coalition of nations launching airstrikes on islamic state militants in iraq. denmark has also joined the coalition sending 700 f-16 fighter jets to take part in air strikes against the group in iraq. let's ring in our foreign-policy correspondent who joins me in the studio. this expansion of the coalition, talk to us about the significance. >> it is significant because out coalitionre than 60+ that secretary of state john kerry talked about today in the op-ed he did, we got three more countries putting their money where their mouth is, so to speak, saying they will get engaged in airstrikes against isisl in iraq, not in syria which is important. they don't have permission or request from the government of syria but i have a request from the government of iraq.

it's pretty surprising that denmark and belgium are going to be joining the coalition. it shows that there really is a wide feeling against isis that it is worth getting involved. >> british prime minister david cameron made a plea for action and said this is about psychopathic terrorists trying to kill us and we have to realize that whether we like it or not, it -- they have already declared war on us for it will that be the theme of the coalition that if you declare war on one of us, you declare war and all of us? >> in a way, that's the one for all motion of nato as well. it has not become a nato operation but many members of nato are involved in britain is interesting because they have felt as close to home. remember the video of the british jihadist involved in the beheading. he is believed to be a british citizen and two of the victims so far in this beheading has been pretty citizens and the third one is being threatened. they feel it very close to home but the key i think is not who was in the coalition militarily

like turkey. they are key. >> we talked about earlier that this week. the only muslim member of nato, of u.s. has an airbase there which the government of turkey has said it can be used for humanitarian assistance but not for combat capability. >> that may be changing. it has been because turkey did not want to be so frontal about attacking isis. they are right over the border and i just suffered a situation with having almost 50 turkish diplomats and family members held hostage for quite some time by isis and they were let go last week so turkey has a freer hand now but at the same time, they don't necessarily want to be seen as the one raining down airstrikes and terrorists over their borders. we will see what happens. the turkish foreign minister spoke at the yuan today and he did not commit to military or's. we will have to see what happens. >> for britain, why now? that seemed to be the questionable week ago when this coalition was being formed and

people were praising the obama administration able to get these people together. so it was not a u.s. war on islam come a it's a us-led coalition against terrorists but written was a few days late to the coalition, why? >> because david cameron had to make sure he had the votes from parliament. he was not going to take this vote before the this parliament if he could not get the boat so he had to make sure labor was on board and that is a process. part of that is about opinion polls and the british public is now strongly in favor of attacking isis./ -- that's and percent 57% of had to rally support and not have a vote he would lose. it was a long week in new york for you, thank you so much. coming up, we will switch gears -- amateur baseball fans willing to pay for derek jeter memorabilia? for some as much as tuition for one year in college in exchange for a baseball.

"online" continues in a moment -- "bottom line" continues in a moment. ♪

baseball derek jeter hit at his final game in yankee stadium last night is estimated to be worth $50,000. aside from and oarsmen's -- aside from and/or smits is the value of his or her most valuable memorabilia. we have the founder and president of golden auctions and the studio. you are at the game last night. before we get into that, talk to me about the electricity in that stadium last night. >> it was unbelievable. the only thing i could compare it to is when cal ripken broke lou gehrig's record back in 1995. everybody was waiting and everybody was anticipating it. they did not care if it was pouring. i wore a heavy rain coat and everyone was ready and chanting at every pitch and chanting in between and getting a glimpse, constant flashes of photography. reports thatazine

according to sports memorabilia.com there has been a 500% increase in search for derek jeter memorabilia on their site since the.start of the baseball season does that surprise you? >> not at all, we saw record rises as soon as he announced his retirement. we saw a record prices for derek jeter items and there was an article that came out yesterday of the 10 most valuable items of derek jeter that have ever sold. i'm have to say the golden's auction has sold four of those 10 items. i think certainly the most valuable one would be the final had last night, the final walkoff hit. that probably would exceed $200,000. >> you said you sold some items before. what's the price range? aboutically, we have sold used in the world series for $37,000. we sold a helmet, rookie from it for $30,000 and the glove for approximately $50,000. i think this item right here --

this is probably the rarest of all, as long as you don't touch that, you can put your hand into it -- during a three-year period, the three greatest years of the yankees in 98, 99, 2000, he wore a pinstriped glove. this is very dark navy and there is the white yankee pinstripe. this is the glove he wore for those three years with a 13 world series. this glove was dashed when they won three world series. it was also worn during his best year. we expect his glove to set a record for a modern field and glove in excess of $100,000. >> you have a bat and new jersey as well? >> yes, this is something you don't see -- it's a white jeter that, the p-72. louisville slugger has been around since the 19th century. this is a model they have made and they retired this model.

cal ripken use this model and they did not retire it for him and they will never again make a jeter whonor of derek uses that his entire career but this is available at golden auctions on october 6. this is the very first that ever ordered by derek jeter as a yankee in 1994 when he made the 40 man roster. this was the first that he ever received. >> and the jersey? >> the jersey is from opening day 2005. the major league ace ball authenticated game used uniform was worn during opening day 2005. >> when he puts his name on a hat, ball, glove, jersey, does that price rise exponentially? >> of course, you look at a baseball and major league a major league baseball is $25 and it walked into the store last night in yankee stadium i asked for a ball off the rack and there is a signature in the suite spot,

someone bought $700 ball. it's incredible. >> can sports memorabilia -- it's an investment -- those make the purchaser obviously looking for a return or an increase in value. what's the best way for them to do that? >> a lot of people are buying it because they love it and many people buy items because they want to collect. they want to remember -- if you are at the game last night and bought an autograph or something, you want to remember you were there. people buying it for investment purposes need to get the rare items. typically i tell people if it's something that is manufactured for the purpose of being a collectible, it's probably not going to appreciate invaluable. however, those items like a rare game used glove or about that was used during a special hit or home run or like a babe ruth item, those are the items that appreciate in value. >> we have about one minute left and i have to ask you a side question -- we see this memorabilia and you have been into this and you are 11 years

old. a lot of the memorabilia is male-dominated. where are the women, the female athletes memorabilia? >> there is not a lot. you can go to a national sports convention and look around and it's like 96, 97% male. i think it's men worshiping their heroes. i hate to be sexist but it is easily a male-dominated collectibles. less than probably three percent of our registered bidders are of a women's name and we don't know if it's the white ordering for the husband or if it's an administrative assistant ordering for the executive. golden, thank you and good to see you. >> thank you. >> i was watching the game at home by the way. stay with us, another check of the market movers on the other side of the right. ♪ -- other side of the break. ♪

>> get the latest headlines at the top of the hour on bloomberg radio and streaming on your tablet and bloomberg.com. that does it for this edition of a boat bottom line," thank you for joining us. have a markets" is next, great weekend, i will see you monday. >> it is 56 on his passing hours means bloomberg television is

"on the markets." let's take a look at where markets stand an hour before the close of trading. we are seeing a rebound which is significant extending the gains we saw earlier. the s&p 500 is up rebounding from three days of losses and the worst day since july yesterday. we are certainly watching the markets, we are also watching the market implications of the big news of the day which is pimco's bill gross announcing his departure to had tojanus leaving the firm. benchmark $222 billion total return fund at pimco and there is an etf tied to that. we saw the volume on that soaring to a record in today's session. for more on his legacy in the at last glance, when i looked, the etf was up 1000%?

it's amazing. people have been grasping for any sort of proxy they can use to trade on this news today. because theygreat are price recovery vehicles. we are discovering what might happen later with flows britt when you see by them like that -- the bill gross etf bond traded $400 million worth of shares. that is 15 times normal and double the next highest volume he ever had. that indicates that in the future, a lot of the trading is people selling and market makers taking the other side. those shares will build up with a market makers and they will cash them in and that will be an outflow. the outflows will start to come in nice and looks like it will get pretty ugly in terms of this fund. the good news for pimco is that it looks isolated. you look at the other pimco , he did not manage them but their volume is higher but not like that.

that would indicate that if you want to use this as a litmus test, pimco should be fine but the stuff he managed to get hurt. >> more redemptions coming, that seems to reflect and other parts of the market today as well. news todayt be good for him but when you look at his bond world,in the what about his legacy in the etf world? >> he was a rock star. he was one of these 90's managers who came over from the mutual fund side and entered the etf world on the etf terms. is actively managed etf showed his holdings every day. >> when did this come into being? >> this was 2012. it was the first big actively managed etf. he opened up with a bang. is etf return 12% in the first eight months and be everything. if you invested in his etf in 2012, it would have returned 16% if you sold today which is a nice run and beat the other two big aggregate bond etf's. it tripled their performance.

he has sort of a record. his etf was the second fastest to ever reach $1 billion after it launched. glsd was the fastest but he recent one month. >> janus does not have any bond etf's? could we see one now? >> they had a placeholder filing so i don't see any signs that they will but bill gross is a new variable of we would love to see an etf there. the etf world will miss bill gross. we will have to see. >> thank you for walking us through the etf implications, thank you so much. "street smart" is next. ♪

>> welcome to the most important hour of the session, we are 60 minutes to the -- to the closing bell. today on oh quote street smart," bill gross says goodbye to pimco and hello to janus capital. calpers decides to stick with pimco and the new york fed denied allegations it had moved to banking supervision's and marissa mayer is pressure to discuss a deal with aol. "street smart" starts now.