Risk-reward slope: 0.1 now vs 0.4 in 2025
The slope of GMO's risk-reward line for all assets fell from 0.4 in late 2025 to just 0.1 today, though it remains ~0.4 when US equities are excluded.
Snapshot · 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
Why optimizers and real clients see risk differently
At 14:54 · chapter starts 14:42
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