Jeremy Grantham On Market Cycles And Career Risk

This is important:

"[B]ecause asset class selection packs a more deadly punch in the career and business risk game, the great investment opportunities are much more likely to be at the asset class level than at the stock or industry level. But even if you know this, dear professional reader, you will probably not be able to do too much about it if you value your job as did the nearly 1100 analysts in my survey. Except, perhaps, with your own assets or, say, your sister’s pension assets."

These days, the asset class opportunity is to stay out of profoundly overvalued equities, an opportunity which is now presenting itself for the third time in less than 20 years.