Pimco is losing CEO Mohamed El-Erian as its CEO and Co-Chief Investment Officer. El-Erian is a well known bond guru ranking among the likes of Warren Buffett. Getting a "mere mortal" at the helm should take a great deal out of the premium out of Pimco California Municipal Income Fund (NYSE:PCK) and Pimco Global Stocksplus & Income Fund (NYSE:PGP). This would be good for our short positions.
Disclosure: I am short PGP.