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GMO: bears are not having a picnic

Newsletter: UnhedgedThe most important market trends and how Wall Street's best minds respond to them. Delivered every weekday. GMO, the Boston-based asset manager, has a storied reputation for equity research and commentary. Names like James Montier, Ben Inker and co-founder Jeremy Grantham are well-known for both their bearish takes and eloquent prose. A heady mix for a media often starved of decent quotes.But there’s also an issue which FT Alphaville can no longer stay silent on: the firm’s long-term forecasts for asset returns have been hopelessly wrong on US stocks for the best part of a decade. Mainly because, as you might know, these stocks just kept going up, and up, and up. (Bar a blip in 2018.)So if you took their advice seriously, you would have missed out on

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FT Alphaville
FT Alphaville is a free daily news and commentary service giving finance professionals the information they need, when they need it. In a world where market professionals are inundated with information there is a pressing need to edit and filter, and hopefully sow a few ideas along the way. That’s where the FT Alphaville team comes in.

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