GMO has "given up" on the bond market, says Ben Inker, co-head of asset allocation at the $104B...

|By:, SA News Editor

GMO has "given up" on the bond market, says Ben Inker, co-head of asset allocation at the $104B money manager. Other than Japan (and barely there), he's not a fan of equities either, and 40% of his funds are currently "dry powder." That stocks look cheap is predicated on today's profit margins being sustainable, and "we don't think they're sustainable anywhere." The last time he held more cash was late 2007.