Smart Investors Are Buying The Last Cheap Asset

Stock markets up on a stick. Valuations stretched. Bond yields near sixty year lows. Real returns basically zilch.A decade of global financial repression has forced investors everywhere out the risk curve. Nothing is cheap. There is a reason that top quantitative research shops like GMO have forecasted future returns that look like this:Cries of that awful acronym TINA ring through the halls of investment houses as clients take a big gulp and write blue tickets - despite the lofty prices.