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By Bill Gross

The travails of the “rich” have always been something of a spectator sport. While some might accuse me of being part of that lofty club, to paraphrase Groucho Marx, I wouldn’t want to be a member of any club that admits me. I’m not sure they’d want me anyway after I once advocated for increased taxes on the wealthy, citing no less an authority than Warren Buffett.

On the topic of wealth, I mused in one of my monthly Investment Outlooks in 2007, when is enough, enough? My concern then was that when the fruits of society’s labor become maldistributed, when the rich get richer and the middle and lower classes struggle, then the system ultimately breaks down. Inequity has always been a part of human existence, but the gulf seems wider now between the haves and have-nots than it has ever been.

In anticipation of the righteous indignation of the 1%, I acknowledged their argument that many believe they can more efficiently redistribute wealth than the government via taxes. But, as I noted, the inefficiencies of wealth redistribution by the Forbes 400 mega-rich are perhaps as egregious and wasteful as the government, if not more.

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On December 21st, the Giving Pledge announced that 13 philanthropists have joined the Giving Pledge since May 2019, bringing the total number of signatories to 216 from 24 countries.

Now in its 10^th year, the Giving Pledge is a global, multi-generational commitment by some of the world’s wealthiest individuals and couples to give a majority of their wealth to philanthropy or charitable causes, either during their lifetimes or in their wills. It aims to create a movement that will help change the norms around wealth and giving on a global scale.

Bill Gross is among the new signatories to the Giving Pledge.

Sharing is always an evolving feature of a healthy society, both with maturing children and aging adults. While initially resisting requests to join the Giving Pledge Community, I have evolved/aged to now join a magnificent group of fellow pledgees! While I have over several decades established a $400 million foundation and funded nearly $300 million of additional philanthropic pledges I have recently changed my will to provide for over 50% of my assets to philanthropic foundations of my two children Jeff and Jennifer Stengaard Gross.

Thank you for the opportunity to share even more by joining the Giving Pledge Community!

Bill Gross

The William, Jeff and Jennifer Gross Family Foundation, the charity founded by retired financial asset manager Bill Gross and his son and daughter, has donated a $50,000 emergency grant to the Laguna Food Pantry. 

The donation will assist the organization in its efforts to provide food to the dramatic surge in the number of South Orange County’s newly unemployed, food-insecure seniors, low-income families with children, disabled and sheltering veterans, and homeless men and women seeking help during this extraordinarily difficult time.

“Jeff, Jennifer and I greatly appreciate the work being done by the Laguna Food Pantry and its volunteers to bring nutritious food to our community during this crisis,” said Bill Gross, the co-founder of the Newport Beach-based PIMCO asset management firm and a longtime resident of Orange County. “Anne Belyea and her team deserve to be recognized for their tireless commitment to serving those in need.”

Retired bond manager’s family organisation announces measures to aid South Californian communities.

by CHRIS SLOLEY

The charitable foundation set up by former Pimco founder Bill Gross has donated $1.5m to charities and organisations fighting the ill effects of coronavirus in Southern California.

The William, Jeff and Jennifer Gross Family Foundation, which was established by Gross and his son and daughter, will allocate funds for food banks, care funds, kitchens and community groups. 

Read the full article here.