October is the month that professionals starting thinking about risk – not necessarily portfolio risk, per say, but rather career risk. In investing the professional game is not so much risking client assets to deliver performance above the crowd. The reality, GMO portfolio manager Jeremy Grantham notes, is that “the ultimate job description becomes ‘keep your job.’” To Raymond James Chief Investment Strategist Jeffrey Saut these “sage words” are endemic and “are particularly cogent now that we have entered the month of October.” But that doesn’t mean that stocks are expensive just because a herd mentality might be the result of bowing to the demands of career risk over investment risk.
[klarman]
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