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GMO: market fair value is unchanged, prices attractive, huge valuation diff b/t global mkts

Asset Allocation: COVID-19 Update (March 17, 2020). Here's their summary:
We believe that COVID-19 need not materially change the fair value of equity markets, although this belief assumes that governments will take appropriate steps to help economies and companies make it through the current period.

We continue to follow our long-term, patient, valuation-sensitive process.

Equities are meaningfully more attractive than they were at the start of the year, given the large fall in their price.

We stand ready to act as liquidity providers to capitalize on market overreactions and dislocations.

The opportunity set for dynamic asset allocation today remains one of the best we’ve ever encountered due to the dispersion in valuations globally.
Their fair value estimation starts with the 1918 Spanish flu and global markets and allows that "bad" government policies can erode underlying value.

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