Is Jeremy Grantham about to lose a big client? Former vice president Dick Cheney, who reportedly has employed Grantham's GMO to manage a big chunk of his fortune, wryly told attendees at TD Ameritrade Institutional's annual conference in Orlando, Fla., today that he wasn't particularly pleased with the performance of his portfolio.
Cheney noted that when he became vice president he told his advisors that he wanted to protect his money and wouldn't mind making a little. WIth that kind of a mandate, it would not be surprising if his portfolio performed like Miss Daisy's. Cheney added that he was going to sit down, analyze his quarterly performance report and consider his options.
However, the former vice president indicated that he was clearly a delegator when it came to his personal finances. "I'm not smart enough" to understand all the macroeconomic factors and other variables that come into play when managing money, he said.
FA News could not confirm whether GMO remains one of Cheney's primary money managers. Cheney and GMO founder Jeremy Grantham hold very different political views-Grantham is an outspoken environmentalist-but both men share a gloomy view of the world.