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GMO is a global investment management firm committed to providing sophisticated clients with superior asset management solutions and services. We offer a broad range of investment products, including equity and fixed income strategies across global developed and emerging markets, as well as absolute return strategies. Our client base includes endowments, pension funds, public funds, foundations and cultural institutions. GMO is a private partnership that employs more than 550 people worldwide. Our global offices include the firm's headquarters in Boston and offices in San Francisco, London, Amsterdam, Zurich, Singapore, and Sydney. To read GMO's 4Q 2013 Letter, which contains Jeremy Grantham's "Year-End Odds and Ends" and Ben Inker's "Divesting When Discomfited," please click the blue highlighted link. (To open file, please ensure you have the most recent version of Acrobat Reader installed.) Other recent commentary available to the public can be found by clicking on the links below:

Reading Room | Value Investors | Phoenix Asset Management Partners Please read the following conditions of use of this website. By clicking on the "I agree" button, you acknowledge that you understand them and agree to abide by them. The information on this website is issued and approved by Phoenix Asset Management Partners Ltd (hereafter referred to as Phoenix). This website does not constitute legal advice and should not be used for making investment decisions. Phoenix accepts no liability for any damage or loss from direct, indirect or consequential use of this website or any of its content. This website does not constitute a distribution or an offer or solicitation to sell units in any jurisdiction where it would be against local law or regulation. Phoenix is authorised and regulated by The Financial Conduct Authority (FCA). Investor Classification: The Phoenix UK fund is an offshore open-ended mutual fund based in the Bahamas. Holdings: The Phoenix UK Fund holds a concentrated portfolio of 10-20 holdings.

Magazine - What Would Warren Do? The Sage of Omaha has redefined the idea of value investing. But will its principles survive his inevitable passing? Ben Baker/Redux For Warren Buffett’s most devoted followers, a meal at Gorat’s Steak House is near the apex of the visit to Omaha for the Berkshire Hathaway annual meeting, second only to seeing Buffett onstage at the Qwest Center. You do not eat at Gorat’s for the food, which is the apotheosis of indifferent midwestern cooking. After five days in Omaha, I still don’t understand what Buffett’s disciples hope to learn by copycatting his food choices. More like the early Christians in pagan Rome than the millions of Muslims thronging Mecca, Buffett’s hard-core “value investors” are few, and in many ways, their entire lives run against the grain of the dominant culture. And, of course, there is Buffett himself. I wasn’t the only one wondering about this. Beyond a certain point, what Warren Buffett does can’t be taught. These are admirable traits in any investor.

China’s Economy: Seizure or Cancer? The sharp slowdown in China’s economy has policy makers around the world watching carefully. Will the government have the courage to change course? The unexpectedly sharp slowdown of the Chinese economy has fanned anxieties around the world. Based on the latest figures released by the Chinese government, the economy slowed more than expected in the first quarter of this year compared with the fourth quarter of last year. For the West, deteriorating growth in China is obviously bad news. On the surface, the recent precipitous drop in growth in China is the result of two factors. Had the Chinese economy been more balanced between domestic demand and exports and between household consumption and investment, monetary tightening and falling exports would not have had such dampening effects on growth. In the short-term, most analysts are worried about a possible “heart attack” for the Chinese economy. But China is different.