Gyroscopic Investing

http://www.gmo.com/America/     To read Jeremy Grantham's 4Q 2011 letter, :

So in asset allocation there is one great opportunity – avoiding duration in fixed income – and one pretty good opportunity – down weighting most of the U.S. market. Not such a bad opportunity set, really.

Jeremy Grantham says that LTT are the one asset out there that is badly mispriced at the minute. The letter also has lots of interesting stuff about soil errosion and how capitalism in an expanding economy can't be expected to look out for such long term consequences.