it is only natural to put some of the money in the janus unconstrained. rest i manage, our family foundation, which is sizable. a lot of it is in a closed-in fund territory, not necessarily liquid, but in an environment which interest rates are low, those closed-in funds can lever to a certain extent. you can get a 6% to 7% tax-free, for instance, in a wide variety of closed-in municipal funds. not without risk. those are some of the vehicles on a weekend i will take out my baron's -- hopefully that's not a nasty word here. i will take out my baron's and i will check them all out. then i will watch bloomberg or hockey playoffs. it sounds rather boring, but i love it. erik: is bill gross in private equity? bill: no. erik: public equity? bill: mildly in the old standards, procter's and johnson's -- erik: blue chips. bill: yeah. erik: before we finish, there is something i would like to know. you seem happy. are you happy? bill: yeah. i am getting happier. you know, four or five months ago was a low point. everybody has low points. i am not suggesting that w

i'm taking a look at some of the data morningstar has about the janus global unconstrained funds.onths of outflows from the fund. your fund has lagged 64% of its peers according to morningstar. you've made some fantastic calls and you've come on this show to explain this on the german bund and the chinese stock market. but you yourself said you didn't invest alongside those calls. so what's going on at your fund and what's going on in the markets overall that might making it more difficult for you to keep investors in your fund? >> hey melissa, you're citing the past. in fact the janus unconstrained fund is beating 70% of its peers in category in which we're placed. and the rates over the past two, three, four five weeks have moved up substantially in terms of prices. so we're doing great. we're doing well. we may have missed an opportunity in terms of the german bund but we've caught it in other areas in terms of derisking and so i'm well satisfied. >> melissa did mention the china market, bill. in fact on june 3rd you talked about the shenzhen index maybe be the short of a lifet

janus capital. hese miniature -- manager -- is manager of the unconstrained bond fund with us from newport beach, california. we may have a delay, but let's work with it. i want to start on the point about mario draghi. if you happen to be the president of the european central bank, how willing would you be to throw more liquidity at the greek banking system? throwing more liquidity at the greek banking system is problematic. everyone billion of euros -- every billion of euros they throw at the greek banks ultimately has to be written off. they have produced a $100 billion program that they owe to themselves. the funds have been withdrawn and turned into euros on the part of the private sector. the e.c.b. is stuck with the cap. draghi suggested he does not want to be political. yet he is the central banker for the eurozone. greece is still within the eurozone. a diplomatic, problematic, legalistic potential situation that is not easy to forecast. draghi doesest if not provide additional funds and pay the 3does not billion euro debt on july 20 or 21, there is going to be significant problems within the syste