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Jeremy Grantham: Stocks Still Aren't Cheap

I agree with the comments of the market being more like Vegas. This is an excerpt from something I sent to a friend this weekend, who was looking for investment advice:

I just have serious reservations about publicly trade equities as an investment class - because it really isn't an investment, but speculation between two parties independent of the company - the amount of publicly traded equities you own should equal how much you would be willing to put in slot machines in Vegas. The people running publicly traded companies have no "skin in the game" so they very often make decisions counter to the interest of the person holding the equity in such businesses.