Quote · Excess Returns
We Asked GMO’s Head of Asset Allocation Why This Bubble is Easy — But Investors Will Get it Wrong
Explore episode
Jun 24, 2026
Where this was said
Closing thoughts
At 1:12:08 · chapter starts 1:08:27
Post-roll advertisements for Palmolive Ultra dish soap, Botox for chronic migraine, and Vanta's AI-powered GRC compliance platform.
Understanding Why You Get Paid: The Key to Avoiding Mistakes
Tail risk hedging that promises cash-like returns shouldn't exist — no rational counterparty would accept terrible correlated losses for only a cash return. If you understand why risk premiums exist, you can immediately spot when someone is selling you something that makes no structural sense.
