Here’s some free investing advice that typically costs $5 million
by Brett Arends
You need a portfolio of at least $5 million to get in the door as a client at Boston-based money management firm GMO.
And with some reason. The firm is famous for predicting the last two financial crashes ahead of time, and firm chairman Jeremy Grantham is a legendary figure on Wall Street. His quarterly letters are required reading by anyone managing other people’s money.
GMO is usually seen as too bearish, but in an industry that is generally far too bullish that’s no bad thing. And often forgotten is that the firm has made some terrific contrarian buy recommendations too — such as emerging markets and value stocks at the start of the last decade, and of stocks generally in the wake of the 2008-09 crash.
But for those of us who don’t have $5 million or $10 million knocking around, what’s GMO’s best advice at the moment?