Jeff Gundlach got into investment management because he couldn't find "investing banking" in the phone book.
In an interview with Joe Weisenthal of Business Insider, Gundlach explained what led him into money management.
Gundlach was playing in a rock and roll band in Los Angeles and working for an insurance company. One night he caught an episode of Lifestyles of the Rich and Famous that was dedicated to the "best paying professions." The number one best paying profession: investment banking.
"I didn't know what it was, but I figured number one was good enough for me," he says.
He pulled out the yellow pages to look for all the ads for investment banks, planning on sending them his resume. To his surprise, there weren't any ads for investment banks in the yellow pages.
"I ended up sending them to investment management companies. I figured they were the same thing," he said.
Watch the video here.
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