CHICAGO – Investors looking for returns in the developed world should pass on Europe, say experts, who back Japan instead.

Ben Inker, co-head of GMO's asset allocation team, puts it bluntly when it comes to Europe. “You got to hold your nose," he said at the Morningstar Investment Conference on Thursday. Even seemingly cheap investments in Europe tend to be more cyclical, more leveraged and more dependent on Europe's economy.

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