Grantham Mayo's James Montier Has Some Thoughts (plus a programming note from FTAV)

As always, apologies to Heer Van Otterloo.
Like Pierce, Fenner, Smith and Beane before him he gets truncated out of headlines.

From FT Alphaville:

GMO’s Montier: stonks are ‘absurd’

FT Alphaville is currently beavering away on a number of longer-term projects, which we hope to share with you soon, so sorry for the relative radio silence.

However, we just caught wind of a new note from GMO’s James Montier — one of various boffins in the storied firm’s Asset Allocation team who also, like the author, has a penchant for terrible shirts — which we thought was worth flagging.

His latest piece titled “Reasons (Not) To Be Cheerful” covers many of the bases you might expect from a seasoned equity market observer befuddled by a US stock market laughing in the face of a collapsing, or collapsed, global economy.

Here’s Montier:

The US stock market looks increasingly like the hapless Wiley E. Coyote, running off the edge of a cliff in pursuit of the pesky Roadrunner but not yet realising the ground beneath his feet had run out some time ago.

Now one might explanation you might have heard for the parabolic market action is that the Fed, with its “money printer go brrrr” barrage of monetary stimulus, is propping up the market....

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