GMO'S JAMES MONTIER: 'There Is Nothing You Can Buy And Hold'

Asset allocation is the most important decision in constructing portfolios that meet clients' goals. Two prominent figures in the investment world recently offered sharply different perspectives on the most prudent approach for advisors. Central bank policies have distorted markets to such a degree that investors are devoid of any buy-and-hold asset classes, according to James Montier. But according to Richard Bernstein, the flood of liquidity unleashed through quantitative easing (QE) now offer...