GMO - What's Next?

I was doing journalism for breaking views, which was the sort of dot com startup for FxFT people now owned by Reuters. Then I did some research for Chris Binodie, who's a London hedge fund guy. And he said, why didn't I just pay you to write a report and to analyze what's going on? So I spent next sort of nine months looking at what was going on in the US and the UK. The credit boom and real estate boom and development of securitized lending and subprime, so forth. But then they looked at the dot com bubble looks a lot like these historical bubbles. They were not buying into the TMT bubble. They were