Bill Gross, founder and managing director of Pimco, discussed investments, Mohamed El-Erian and subprime with Chrystia Freeland, the FT’s US managing editor. You can also read his comments about interest rates, recession and government intervention here.

FINANCIAL TIMES: Earlier this year, you talked about having made a big mistake, because earlier in the year your fund was trailing some other funds. In light of what’s happened subsequently, do you still think that was right?