We set out to investigate whether ''Bond King" Bill Gross demonstrated alpha (excess average return after adjusting for market exposures) over his career, in the spirit of earlier papers asking the same question of ''Oracle of Omaha," Warren Buffett. The journey turned out to be more interesting...

Bubbles are among the most puzzling and controversial phenomena of financial mar- kets. Although rare, their cumulative impact on both investor returns and the broader economy can be great. One particular question that has motivated research is why shrewd short sellers don’t prevent excessive...