GMO: Grantham April 2012

[dcollon]

Attached is Jeremy Grantham's latest commentary

Grantham_April_2012.pdf

[Valuebo]

Thanks for the heads up!

[Hielko]

Always a good read, but I'm skeptical if 'career risk' is really the biggest inefficiency in market pricing. I suspect that fund managers often make suboptimal decisions, not because of career risk, but the same behavioral biases that also affect investors without this risk (loss aversion/anchoring/etc).