but there is a situation here in janus where i can do things that i think will make money. erik: tell me more about that. the opportunities, if you will the benefit of being small, of managing billions as opposed to triple digit billions. erik: i have to use pemco to compare. we did something that the press would observe at the end of the month or the end of the quarter, but the market would note -- you can do billions of dollars in trade without word spreading. the state of california was the big cheese. everyone was always asking -- what are they doing? that is one of the disadvantages of being big. it gives the market the opportunity to work against you, or two anticipate -- or to anticipate going forward. erik: coming uperik:, bill gross tells me there is only one thing better than outperforming the market. les find out how much of his wealth he has given away. mr. gross: it is not staggering. ♪ erik: welcome back. investors ask only one thing from a fund manager -- performance. and that is all bill gross used to ask it himself. now that he is 71, he faces success in di

erik: how do you define success for yourself a janus capital?y assets. i will love the assets to grow. when i came to janus, it was not the intent of creating a pimco two. erik: is there a point where big b comes to the best big b comes to bed. -- is there a link where big b comes too big? bill: other institutions are big too. it is easier with $2 billion to move money. the liquidity is obviously better. it is less onerous in terms of organizations and decision-making. it is definitely a situation here where i can do things that that i think will make money a lot quicker and in a larger frame. stephanie: is it really bill gross needing to end on a high note? how old is he? erik: 71. stephanie: he is basically deciding that starting over for him isn't impossible. is it just the competitive spirit? erik: yes. if you spend time with bill gross, he is an intensely competitive individual. he is obsessed with the market. he spends the weekend with the bloomberg terminal reading what eunice appelbaum funds to buy for his family foundation best municipa

. -- at janus capital.roader perspective from her but we have to look at verizon's purchase of a well. under tim armstrong, this is been the company that has refused to die. guest: [laughs] so refusing to die. when i look at this transaction, i am struggling to find the benefit for verizon. brendan: we have our alex sherman, who made a very basic point, he has been breaking the -- he of the breaking news on this for several months, what they are not requiring is the content but the ability to have the content. tobias levkovich leaves us with an internal problem which you can have eternal content but you have to come up with the video that it's sold. you have to have the video that gets streamed. tobias: true, but in the world of go pro cameras, look, i'm am shocked by what people actually watch ok, i'm pretty easy, just give me sports, but other people are willing to watch everybody trying to be the "jackass 3: the movie." tom: you are at janus, carmel on the buy side, and i would suggest looking at the cha

janus capital group gross admits grossjanus capital's bill admits he did a poor job of shortselling bondsbal bond fund lost they were trading in an error range instead of betting on out against the debt. and more cuts may be on the way at bank of america's trading unit. and the chief executive at bank saiderica brian moynihan more cost cuts are possible. brian: if the environment stays flat, less volatility, we will keep it down. we worked it down to one level and will have to work it down in the next couple of years. pimm: brian moynihan spoke at the conference here in new york. also in new york city, there's a problem with the subway system. someone or some people have been stealing power cables. at least 500 feet of cables were swiped, and that has caused delays for thousands of commuters traveling through the borough and queens. authorities said they will probably sell the power cables for scrap. those are the top stories of the morning. markets are closing in europe. for the latest, let's go to ryan chilcote in london. let me give you the lay of the land here in the equity markets. i

rather than take his $2 billion fortune and go home, he wants to work at janus capital group.d the chance to spend the day with bill gross in his office in newport beach, california. here's what he said when i asked him why is he doing this? >> one of the reasons that i'm still doing this is to prove that i still got it. a 38-year-old quarterback that still has an arm and can take his team to the super bowl. erik: tune in for my full view in a very -- full interview with bill gross tonight. we'll talk about his new life and how he defines that success and what he will do with the money. one clue is going to give it away. thata: looking forward to conversation at 8:00 p.m.. that is erik schatzker and bill gross. still ahead, can you spot the forgery? we will talk to the sherlock holmes of wine. ♪ erik: the global wine auction market has more than quadrupled. wine fraud has surprisingly jumped along with it. that means new job openings for private investigators want to sniff it out. toine down the has a mission rid the wine industry of counterfeit and stolen wanted here is what

a lot of assets left, a lot of people switched funds to janus where gross is now.here's a lot of focus on cost cutting internally. i think what they want to do is focus on what they do best, they have a way to do this through equity, offer the investors some stock funds and do cheaply by doing through a subadviser. it's like a contract. you contract out to another firm to our the funds, pimco gets the funds but essentially managed by the other adviser. so that's what they're going to do. it's just another sign that they're trying to reverse the legacy of gross. bill gross did make the foray into stocks and did want to diversify the company. dan iverson, the new cio is doing the opposite. liz: do you think john chambers is going to stand me up? >> who would stand you up. liz: i had to ask my own husband out on our first date. starbucks. >> big spender, starbucks? i went to arturo's pizza with my wife. liz: charlie from westchester, not the bronx! >> there's going to be a story. it's going to be great. a q&a with me in playboy. liz: playboy, are you nude? >> no, not

. >> linsey janus, abc news, new york. >> good for him to be happy. how can you not be angry?rginia law he could be entitled to compensation. he says he hasn't had time to even think about that. he's so happy to be with his family and spending time with them. >> my goodness, 58 years old, half of his life in prison for a crime he did not commit. that's just -- coming up here, evander holyfield is coming out of retirement. he's going to fight another guy who is coming out of retirement. mitt romney. didn't he retire? he retired from politics. now he's got a new gig as a boxer apparently. >> i guess so. the actress chosen to play jackie kennedy on the big screen, we'll tell you about that when the skinny, it is coming up next. that when the skinny, it is coming up next. >> "world news now" continues after this from our abc stations. ♪ skinny, so skinny ♪ >> fight night, folks, here on the skinny. a lot of people let down by the mayweather/pacquiao fight. they were underwhelmed. but we've got another match. this is going to leave you -- well, i don't know if we can promise. >> do

new part beach and never saw bill gross at pimco where he used to be and he is one building over at janus. stephanie: could he see pimco people in the parking lot? erik: for sure. stephanie: it's like a jets versus sharks showdown. erik: it would not be too hard to figure out who they were. it's sunny california and it's not like new york. it's an empty parking lot. stephanie: we have to go to breaking is but i have to ask -- how amazing would it be to have that kind of job and make that go and live in newport beach? we do have to get to breaking news. michael mckee is in the newsroom with the headlines. mike: we have been waiting for improvement in the manufacturing economy. it's not getting any worse of that could be taken as good news. 51.5 for the eye is some figures for april which is the same as it was in march. it's a little disappointed because we were looking for a 52. that was the consensus of analysts surveyed. michigan sentiment comes in exactly as it was the prior month at 95 .9. a little bit down for what happened forecast at 96. the fed wants to know what people think about

olivia: bill gross of janus capital says this is the short of the century.k it is lacking growth, or is this reflecting the fact that we have better than expected economic data out of the u.s. and in particular the money supply? lending has picked up in europe -- tom: i totally agree and you see that expressed in the stronger euro as well. the ideas that the headlines go to mr. gross on that but much better economics on europe. new nuance -- real nuances as we go into the weekend. olivia: the yields may tell you more about to ease strains. -- qe strains. tom: massive that on lower yields and there was a point where you say "i am out," and you get a little bit of this rebound. olivia: incredible shock to the market. just last week we were starting the clock -- tom: down here going lower, lower, lower. olivia: you think any of this has to do with greece? tom: i think so. i think there is a positive tone with mr. varoufakis stepping aside. you mentioned it twice today. too many people, greece still matters. there it is, the bloomberg terminal. let's get to our

new part beach and never saw bill gross at pimco where he used to be and he is one building over at janus he see pimco people in the parking lot? erik: for sure. stephanie: it's like a jets versus sharks showdown. erik: it would not be too hard to figure out who they were. it's sunny california and it's not like new york. it's an empty parking lot. stephanie: we have to go to breaking is but i have to ask -- how amazing would it be to have that kind of job and make that go and live in newport beach? we do have to get to breaking news. michael mckee is in the