The Cost of Belief in Equity Returns

I remember in the beginning of the year when trend follows began to go long equities people were thinking or saying ah that doesn't strike me as a very good idea this is not gonna be a year of great equity returns following what we saw last year and look where we are right now I mean equities have done pretty well actually so far. But it's also kind of a challenge for them right because Jeremy Grantham at GMO of course has been out warning about these things for quite a while and they may be right at some point but it can be very costly to be wrong. You had a conversation with Christopher Zuk or Zuk recently and very very interesting from memory there

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