Pimco is a mutual and ETF firm with a huge bond fund that has been the player in that space for the past 40 years. Bill Gross founded the firm in 1971, and it is now around $2 trillion dollars under management.
Last week Bill Gross decided to leave the fund and move to Janus. This is important because of the disruption to the bond market as huge sums could (and I say could) move from one firm to another.
The bond market doesn’t get as much coverage as the stock markets, but this is a pretty big change, equal to the Denver Offensive team picking up and going to Oakland. Heaven forbid.