GMO Q2 2022 Quarterly Letter
SUMMARY
- Equity investors in countries with overvalued currencies have two ways to lose and those with undervalued currencies have two ways to win.
- Today’s strong USD looks, in the end, to be our currency and our problem.
- Keep an eye out for dangerously destructive economic policies, but don’t use that as an excuse to avoid the asset class entirely.
- The yen and euro are at their cheapest levels in decades and hedging emerging market equities would be an expensive proposition even if the currencies weren’t generally cheap versus the USD.
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