He makes the same excellent point that Bogle does about expenses. But if you look at the fee structure for PIMCO funds, they are way north of the standard set by Vanguard. That is not to say that his management skills are not worth the fees-he does have an excellent record (and for disclosure's sake, I own some shares of the Total Return fund, so please don't read any disrespect to Mr. Gross into this post). John Bogle is a class all by himself in both philosophy and practice. Bill Gross is a worthy manager in what he does, it is just not the same as Bogle.