Something in the water

I had been thinking that mutual funds should be having a day in the sun, simply by virtue of the fact that there haven't been any big blow-ups (until Bill Miller of Legg Mason hoovered up all those Freddie Mac shares), and I had thought it should Vanguard and Pimco soaking up the most rays. And indeed Pimco has been growing its assets and also aggressively seeking to hire hundreds of choice investment bankers getting pink slips. Perhaps the water has special nutrients, as it seems to encourage not just investment acumen but luxurious facial hair in a curious formation.

Here's Pimco's superstar portfolio manager Bill Gross



And there's also Paul McCulley, on CNBC this morning doing the talking head thing.



The question, obviously, is whether Wall Streeters who find their way to Pimco's Newport Beach digs will have to cultivate moustachioes of similar lushness. Only time will tell.