Bill Gross' headline-grabbing departure from Pimco may have rocked the investing world, but Dennis Gartman thinks everyone will get over it soon enough.
Gross on Friday quit the firm he founded 43 years ago for a position at Janus Capital amid huge outflows from Pimco's flagship Total Return Fund and a slew of controversies that began with the departure earlier this year of then-CEO Mohamed El-Erian.
While Gartman acknowledged the importance of the move—and weighed in with some speculation of his own—the author of the widely followed Gartman Letter said investors should avoid knee-jerk reactions.
"The bond market was thrown into a state of confusion early Friday following the announcement of Mr. Gross' resignation, but we are talking here of the departure of one man from one fund, whose influence had been waning for quite some while as his asset base was falling," Gartman wrote Monday. "The bond market is collectively wise enough to accept Mr. Gross' departure from Pimco and 'get-on-with-it' without undue problems."