In 1971, a young investment analyst named Bill Gross founded the Pacific Investment Management Company and changed the face of finance.
The company, known as Pimco, now runs the largest bond fund in the world. The firm manages $1.97 trillion, but the last few years have not been kind to the Bond King.
Pimco suffered in the aftermath of the 2008 financial crisis, and while Gross remained optimistic about the company's future for a number of years, he finally announced that he was leaving the firm last Friday.
Since his departure, Pimco's outflows have ballooned to $10 billion in just the last few days. The rating company Morningstar downgraded the company's largest fund from "gold" to "bronze" this week.
Heidi Moore, Finance and Economics editor for The Guardian U.S., examines Gross's role in the history of the bond market, and what his departure means for the market's future.