“Emerging Markets Are The Canary In The Coal Mine”: Montier

Value investor James Montier of asset management firm GMO can’t find any attractive investments these days. While there a few relatively cheap assets, nothing is cheap in absolute terms, and he is shifting his portfolio to cash and other cash-like assets in preparation for high interest rates and weak equity markets. “When we look at the world today, what we see is a hideous opportunity set,” Montier told Mark Dittli and Gregor Mast in an interview with Finanz und Wirtshaft. “That’s a reflection of the central bank policies around the world. They drive the returns on all assets down to…