Gmo
A video by Taleb, who’s getting more and more irritated with QE2. Another video, this one an interview with GMO’s Jeremy Grantham, also strongly argued. And (finally!) a reasonably-toned open letter to Ben Bernanke in the Wall Street Journal, signed by plenty of investment mavericks. Reactions are getting more and more personal, but then again the economic policies are unprecedented. Now also includes Warren Buffett’s open letter to “Uncle Sam”.
The first 4-5 pages in GMO’s Q3 2009 letter are entertaining for their irony, but it’s hard to disagree with Mr. Grantham’s conclusion: concentrate your portfolio in quality U.S. stocks with a global earnings mix. We’d extend that to some non-US quality stocks with diversified earnings sources, of course.
