How PIMCO is Preparing for the Next Capital Loss Cycle with Dan Ivascyn

**Michael Batnick** (0:00)
One of the things that I haven't really discussed, because I think it's obvious to me, but maybe not everybody, is we've been so bad for so long. Like, it's been so long, and so many horrendous eras from, I mean, I would say Phil Jackson, but way before that, Isaiah and D'Antoni and Herb Williams and Mike Woodson, and just so much garbage. And are you a big basketball fan or not, really?

**Dan Ivascyn** (0:26)
I am.

**Michael Batnick** (0:27)
Do you remember this guy, Anthony Randolph?
He was like a skinny 6'11 kid that never came to fruition. We got him when he was like 25 from Golden State, and he was going to be the next guy. There's just so much, so many years of just misery. Bargnani, just all these washed up guys.

**Downtown Josh Brown** (0:46)
I'm a really big Knicks fan.

**Dan Ivascyn** (0:47)
I know, and I'm a big Celtic fan, so I've had season tickets to the Celtics since, I'd say 2013 We were pretty bad back then, if you remember, but same deal, stocks and draft picks.

**Michael Batnick** (0:58)
Who was the squad when you got in there?

**Dan Ivascyn** (1:01)
Oh God, we were, I don't even remember who.

**Michael Batnick** (1:04)
2013 Celtics.

**Dan Ivascyn** (1:06)
It was almost, it was almost.

**Michael Batnick** (1:07)
That was obviously after Walkroom. Well, Pierce was still there.

**Dan Ivascyn** (1:10)
Yeah, it was almost nobody.

**Michael Batnick** (1:12)
Oh, was that Post Pierce? When did they transition to Nets?

**Dan Ivascyn** (1:14)
Pierce ended in 08, so he would have like two years left. We had cleaned house pretty much, so it was just a lot of young journey there.

**Michael Batnick** (1:21)
So pre-Kaden Brown, I don't remember who was there.

**Dan Ivascyn** (1:25)
The Utah kid that we got. Oh, Gordon Heyward. Well, we had the Kyrie rolled through, Heyward rolled through, injured real early.

**Michael Batnick** (1:33)
That was gruesome. That's the only time I've ever seen a sports injury that I cried at. That wasn't like one of my guys, because I was opening night of Gordon Heyward and Kyrie and it was just so devastating.

**Downtown Josh Brown** (1:43)
What, he broke his leg on the court?

**Michael Batnick** (1:44)
His ankle just went like this.

**Downtown Josh Brown** (1:46)
That was ugly.

**Michael Batnick** (1:47)
Really hard to watch.

**Dan Ivascyn** (1:49)
But I was looking forward to Nick Celtics. I thought we were going to have that series.

**Michael Batnick** (1:53)
I can't believe you guys, you lost game seven at home, right?

**Downtown Josh Brown** (1:59)
As a Celtics fan though, you don't begrudge the Knicks. It's not the same as Yankees, Red Sox.

**Michael Batnick** (2:05)
You can speak freely.

**Dan Ivascyn** (2:07)
You know, it hurts.

**Downtown Josh Brown** (2:08)
It hurts.

**Dan Ivascyn** (2:09)
It hurts. It hurts. Which part? Agnes is laughing. No, no, no. Right from the beginning. I tend to. I tend to.

**Michael Batnick** (2:16)
You're a hater?

**Dan Ivascyn** (2:17)
Well, the way I look at it.

**Michael Batnick** (2:18)
Get out.

**Dan Ivascyn** (2:19)
Yeah.
If it's not Boston, it's usually the cities that are tougher to live in. Bad weather, you know, weak economies. That's sort of how I sequentially root for teams.

**Downtown Josh Brown** (2:30)
You like underdog cities.

**Dan Ivascyn** (2:32)
Exactly.

**Downtown Josh Brown** (2:32)
You root for Detroit.

**Dan Ivascyn** (2:34)
Detroit. Cleveland. Yeah.

**Downtown Josh Brown** (2:35)
OK.

**Dan Ivascyn** (2:36)
Buffalo with one caveat.

**Downtown Josh Brown** (2:37)
We mangled Cleveland.

**Michael Batnick** (2:39)
What's the caveat with Buffalo?

**Dan Ivascyn** (2:40)
In football, one of the fixed income rivals of ours really likes the Bills.

**Downtown Josh Brown** (2:44)
Oh, Jeffery. Yeah, yeah.
Understood.

**Dan Ivascyn** (2:47)
But no, we actually have a few guys on the team that, PM team that are from Buffalo. So Buffalo's another one that...

**Michael Batnick** (2:53)
I've been rooting for them hard in the last five years. Brutal.

**Downtown Josh Brown** (2:56)
I don't think you have to worry about them ever winning. How are we doing?
All right. Light Dan beautifully. This is a very important man.

**Michael Batnick** (3:04)
I was telling Dan, he doesn't know this, but we've been trying to get him for years.

**Downtown Josh Brown** (3:07)
Yeah, we really have. There's a fortress around you.
They don't let you do a lot of stuff.

**Dan Ivascyn** (3:13)
No, I tend to stay on the floor, the trade floor.

**Michael Batnick** (3:15)
But you don't do a lot of media at all.

**Downtown Josh Brown** (3:17)
We like that about you. Actually, we admire that about you. And we're going to talk about that a little bit later on. But not focused as much being the face of the firm, but more focused on the returns of the firm, I think is extremely admirable.