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"There was no sort of sense of strategy," said Eugene Kiernan, head of asset allocation at Irish Life Investment Managers.
Emiel van den Heiligenberg, head of asset allocation at Legal & General Investment Management, which controls assets worth £757bn, says a recession is inevitable, and sterling will fall further.
"We're certainly not positioning for a Japan-like scenario," said Ben Inker, a colleague of Mr. Grantham's who is GMO's head of asset allocation.
"Time is running out for Europe," Paul Zemsky, the New York-based head of asset allocation for ING Investment Management, said in a telephone interview.
What's more, the bigger these high-quality stocks are, the cheaper they seem to be, said Ben Inker, head of asset allocation at the asset manager GMO.
"There's plenty of room for dividends to increase," Paul Zemsky, the New York-based head of asset allocation for ING Investment Management, said.
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Ben Inker, co-head of asset allocation at GMO, likewise finds the short-term economic outlook daunting, and not just in Asia.
So is the idea of asset allocation dead?
"It is a form of asset allocation, or active management strategy.
"Make at least a once-a-year diagnosis of asset allocation," Mr. Neumark said.
Used in the practice of Asset allocation.
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