GMO's letters are always a great read, but this one is a must. It has got me thinking of investing as diet. There is 'junk food', which gives certain immediate effects and might be pleasing in the short run. But there is also veggies, healthy food etc., which might seem not as tasty immediately, but will have much positive impact on your long-term health. GMO's investment approach definitely belongs to the latter. They will not always please you (and great that they are candid about it), but if you have developed good habits and taste, you will tell the difference between them and the sea of mediocrity in investment management business. To high cuisine!
Hat tip: Market Folly