After producing a nominal return of around 15% per annum for the past seven years, GMO’s James Montier and Matt Kadnar believe that over the next seven years the index will produce a total return of -3.9%, based on the assumption that valuations revert to the historical average.
However, while their outlook for the market as a whole is downbeat, the duo still sees value in certain sections of the market.
[klarman]
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Market overvalued according...
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