Bill Gross, the co-founder of PIMCO and a prominent figure in finance, was known not only for his bond investing prowess but also for his quirky personality and philosophical musings. During his tenure at PIMCO, Gross achieved an impressive annual return of 7.52%, exceeding the benchmark index. His unique approach drew significant attention, leading to a substantial influx of retail and institutional investments into PIMCO's Total Return Fund. Investors often paid inflated prices for closed-end funds managed by Gross, driven by an aura of invincibility that ultimately proved unsustainable. This phenomenon parallels current investor behavior in the crypto sector, where treasury companies are seen as potential Oracles, attracting investments based on belief in their leaders rather than distinct strategies. Both in traditional finance and crypto, investor sentiment heavily influences pricing, suggesting that belief can function as a business model. Yet, the durability of such belief remains questionable, as evidenced by the eventual decline of premiums over time.

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