Q2 Commentary of Jeremy Grantham, a Must Read. "A year is certainly a long time in markets, and so is a quarter. A year ago, equities globally – and everything else for that matter – were very overpriced, particularly if they were risky. A quarter ago, in mid March, prices everywhere were cheap. Now they have all – or almost all – converged for a few unusual moments at fair value. A year ago, it was very easy to know what to be: a risk avoider. It was not so easy reinvesting when terrifi ed, but most of us knew that we should have been doing more. But today? It’s diffi cult to be inspired at fair value."
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Read the complete commentary
