No Silver Bullets in Investing, There’s Just Snake Oil in New Bottles

This is a brilliant piece from James Montier of GMO. “Modern day investment management resembles, sadly, another old profession – and I’m not thinking of the oldest one, although there may be parallels there as well. Rather, I’m thinking of ancient alchemy with its near constant promises to turn lead into gold, just as investment managers repeatedly offer to transform low returns into high returns. This raises the question as to why investors/people keep falling for the stories offered up by investment managers/alchemists.”  Read the full article >> (may require a free subscription).