last september, he joined janus capital and now manages the $2 billion global janus unconstrained bond fund. gross and i sat down at his offices to talk about his new life. we started with the obvious. why, at 71, is he still doing this? bill: one of the reasons that i am still doing this is to prove that i have still got it. maybe like a 38-year-old quarterback that can take his team to the super bowl. erik: to whom do you prove anything? bill: that is my particular problem. thaterstand intellectually not many people care. my wife does, because she has to put up with me at night. it is an obsessive thing that has given me and formed me and helped form pimco. when you get to be 71, erik, even though you can figure it out intellectually, you don't necessarily lose it. erik: surely, you must get there are people that must wonder why bill gross, the most successful bond manager ever, would be doing this? bill: i did not like how i left, so to say, pimco, and i didn't care how the aspersions that somehow i might have lost my touch. i don't think i have lost my touch. i am in this seven day

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

gross manages the $1.4 million janus global unconstrained bond fund. >>> why main street business owners are watching washington very closely. . >>> more than 5.5 million people are estimated to have their fingerprint information stole anyone massive cyber security breach at the office of personnel management. that's five times more than the orange estimate when the breach was disclosed earlier this summer. the agency says it is working with groups like the fbi to determine the potential misuse of that stolen data. >>> at midnight, one week from tonight, the government could potentially shut down. that's when funding for many federal agencies expires. but senate republicans are trying to avert a government closure. amon jarvis has been following developments from washington. what's the senate going to do this week, if we know? and what happens after that? >> i'll tell you what the plan is. what they're going to do is anybody's guess but the plan is tomorrow on thursday, mitch mcconnell and senate republicans will bring to the senate floor a measure that would be a short-term funding meas

joining us now, bill gross, janus global unconstrained bond fund portfolio manager. a billion things to talk about. bill, your take on the jobs number and the fed and the xh economy. hi. >> the jobs number was mediocre but decent and probably in terms of it janet yellen and the fed, sufficient for either september or december. it's probably on the line. the u.s. economy is chugging along at 2%. that's decent. that's not great but it's allowing for corporate profits to stay at least at flat levels going forward. the u.s. economy isn't bad but there are significant global imbalances as you just talked about with china and emerging markets and their currencies which in many cases are dollar denominated and could lead to problems down the line. and ultimately, last point before i break here, 0% interest rates have for a long time exerted a negative influence on the economy. a positive influence though on financial markets, but they destroyed business models. insurance companies and pension funds, they're all in trouble because they can't earn that 7% or 8% which they've

are a few minutes away from janet yellen but let's bring in bill gross, manager of the janus global unconstrainednd. here is my concern about this global worry, if china stays volatile or slows down for months, quarters, or years, does that mean the federal reserve has whiffed and missed its chance because they just said effectively we are beholden to china. >> well, they've gone global, have they not, brian? you know, global conditions used to be number four on their list, you know, behind domestic inflation, behind domestic growth, behind financial conditions, and now it seems to be global market conditions, not just china, i know you have talked about that in the last few minutes, but emerging markets in general and the strength of the dollar which has basically put pressure on those global economies which reverberates back into the u.s. one of the reasons for not hiking i think was they didn't want to continue increasing the strength of the dollar. remember, industrial production in the united states because of a strong dollar basically has been negative for four to five of the last seven or