Jeremy Grantham, the renowned money manager who reluctantly bought gold while “officially scared” at the beginning of the financial crisis a couple of years ago, wants nothing to do with gold now.

Rather, Grantham says investors can be prepared to get through inflation or deflation with blue chip stocks. Grantham told professional investors gathered in Chicago for the CFA Institute’s annual seminar, that the market’s highest quality stocks are cheap now.

People worried about inflation, “are picking looney stuff like gold,” Grantham said. “It has no value and is totally speculative.”