מנהל השקעות בכיר בחברת GMO דן באפשרות להיווצרות היפר אינפלציה ומתייחס למקרים שונים בהיסטוריה בהם התרחיש התממש
Hyperinflations, Hysteria, and False Memories
In the past, I’ve admitted to macroeconomics being one of my dark, guilty pleasures. To some “value” investors this seems like heresy, as Marty Whitman1 once wrote, “Graham and Dodd view macro factors . . . as crucial to the analysis of a corporate security. Value investors, however, believe that macro factors are irrelevant.” I am clearly a Graham and Doddite on this measure (and most others as well). I view understanding the macro backdrop (N.B. not predicting it, as Ben Graham said, “Analysis of the future should be penetrating rather than prophetic.”) as one of the core elements of risk management.