wisdom Posted May 2, 2014 Share Posted May 2, 2014 http://www.gmo.com/websitecontent/GMO_QtlyLetter_1Q14_FullVersion.pdf Link to comment Share on other sites More sharing options...
Libs Posted May 5, 2014 Share Posted May 5, 2014 Always a great read. But he thinks fair value of the S&P is ~1100. That's 10X earnings. Seems quite low. Link to comment Share on other sites More sharing options...
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