I believe the only things that really matter in investing are the bubbles and the busts Jeremy Grantham More Quotes by Jeremy Grantham More Quotes From Jeremy Grantham The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems. Jeremy Grantham locks long needs I hate gold. It does not pay a dividend, it has no value, and you can't work out what it should or shouldn't be worth," he said. "It is the last refuge of the desperate. Jeremy Grantham work-out hate gold ...how little our side of the industry did to move its business to the more ethical firms and to make a fuss about conflicted or unethical behavior. Had a number of us moved our business, we might have slowed or even stopped the 30-year slide in conflicted, unethical behavior that we have experienced. I, for one, regret the modest nature of our moves. We all could have done more. We have tolerated a pretty nasty decline in standards. Shame on us. Jeremy Grantham regret numbers moving You don't actually find a strong correlation between- top-line GDP growth and making money in the market. It- it seems like you should. The fastest-growing countries should give you the highest return. They simply don't. But, there's only four of us- that- that believe that story. Everyone else in the world believes that if you grow fast like China, you'll outperform in the stock market. Jeremy Grantham strong believe country If stocks are attractive and you don't buy, you don't just look like an idiot, you are an idiot. Jeremy Grantham attractive idiot looks You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy? Jeremy Grantham bmw running average I find the parallels between how some investors refuse to recognise the trends and our reaction to some of our environmental challenges very powerful. There is an unwillingness to process unpleasant data. Jeremy Grantham data powerful challenges There is a lot of pain still to be had in the equity markets, particularly aimed at the risky end of the spectrum. We think the fair value on the market is about a third lower in the U.S. . . Jeremy Grantham financial pain thinking I think I'm right-brained, incapable of managing my way out of a brown paper bag. Jeremy Grantham bags paper thinking Equities are boring; bonds are disgusting. Jeremy Grantham disgusting equity boring At least us old men remember what a real bear market is like, and the young men haven't got a clue. Jeremy Grantham real bears men I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description. Jeremy Grantham missing jobs ideas I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional. Jeremy Grantham financial-markets extremes financial Ridiculous as our market volatility might seem to an intelligent Martian, it is our reality and everyone loves to trot out the 'quote' attributed to Keynes (but never documented): 'The market can stay irrational longer than the investor can stay solvent.' For us agents, he might better have said 'The market can stay irrational longer than the client can stay patient.' Jeremy Grantham clients intelligent reality By background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy. Jeremy Grantham jeopardy backgrounds quaker Modern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will the price of food. Jeremy Grantham agriculture oil way Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings. Jeremy Grantham giving people thinking The potential for alternative energy sources, mainly solar and wind power, to completely replace coal and gas for utility generation globally is, I think, certain. The question is only whether it takes 30 years or 70 years. Jeremy Grantham wind years thinking Volatility is a symptom that people have no idea of the underlying value. Jeremy Grantham investing people ideas We used to live in a world where the price of resources came down steadily, and now the world has changed. You have a great mismatch between finite resources and exponential population growth. Jeremy Grantham great you growth world
