Bill Gross, founder and co-chief investment officer of fixed income giant Pimco, has now admitted he made a big mistake dumping US Treasury bonds in February. He deserves credit for changing his mind - even though he also deserves to be taken to task for getting it wrong in the first place.

Gross's decision to sell out of US Treasury bonds earlier this year was a big move. Adding to the scale of it was the fact that it was reported prominently. Backing down from that move meant losing a lot of face, and means he cannot now avoid questions such as, 'why did you get it wrong?', and 'why didn't you realise your mistake earlier, before losing 4.8 percentage points relative to the market?'.