"When money gets too far away from actual, physical, real equity and property it gets too abstract and too distantly derived and then suddenly it's not worth anything anymore. And the same is true of language."

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There is a lot of pain still to be had in the equity markets, particularly aimed at the risky end of the spectrum. We think the fair value on the market is about a third lower in the U.S. . .

— Jeremy Grantham