My favorite quarterly letter is out. That written by GMO's Jeremy Grantham. I post it on this website every quarter. It is a must read. He believes the markets are being downright silly (I couldn't agree more) and that high quality stocks are the cheapest they have been in years. This trade by the way has been murderous the past several months. The third quarter I was and continue to be short junk and have several longs in large high quality blue chips. The junk has soared and soared and soared and the high quality really hasn't gone anywhere. Hopefully at some point it will reverse.
As a side note, I am hoping to send my letter out on Thursday.
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