Jeremy Grantham
Jeremy Grantham
Robert Jeremy Goltho Grantham CBEis a British investor and co-founder and chief investment strategist of Grantham, Mayo, & van Otterloo, a Boston-based asset management firm. GMO is one of the largest managers of such funds in the world, having more than US $118 billion in assets under management as of March 2015. Grantham is regarded as a highly knowledgeable investor in various stock, bond, and commodity markets, and is particularly noted for his prediction of various bubbles. He has been...
NationalityBritish
ProfessionBusinessman
deal designed effective fed money settle tools
I think the Fed is not designed to have effective tools to deal with the economy. It should settle for just controlling the money supply. And - if it insists, it can worry about inflation.
directly driving employment good government help increase reduce
If there's unemployment, having the government help reduce that unemployment, increase employment directly is a pretty good idea. It's not driving out competition; it's not crowding out.
balances central demand elegant millions supply
Capitalism does millions of things better than the alternatives. It balances supply and demand in an elegant way that central planning has never come close to.
believing good hear involved news oppose people proportion reply saying
If you're saying something that people don't want to hear or accept, a significant proportion of them will reply with hostility. Not because they know the facts, or because they have researched it themselves, but because they're so psychologically involved in believing good news that they will oppose it with a reflex.
bleed bonds buying desperate haven money
One day we will have more inflation, and our bonds will bleed like a pig. The only reason for buying long bonds is short-term or as a desperate haven for terrorized investors. But the potential to make longer-term real money is naught.
clearly demand democrats fiscal good history markets responsibility simply speaks stock tends
History speaks pretty clearly that the markets do better with Democrats. Republicans' ideas of what constitutes fiscal responsibility simply are not good for the stock market. Democrats have many tendencies, but one of them is to look after the workers, and actually that tends to be good for demand and good for markets.
rocks islands gold
Everyone asks about gold. This is the irony: just as Jim Grant tells us (correctly) that we all have faith-based paper currencies backed by nothing, it is equally fair to say that gold is a faith-based metal. It pays no dividend, cannot be eaten, and is mostly used for nothing more useful than jewelry. I would say that anything of which 75% sits idly and expensively in bank vaults is, as a measure of value, only one step up from the Polynesian islands that attached value to certain well-known large rocks that were traded.
playing-games ideas people
Volatility is a symptom that people have no idea of the underlying value-that they have stopped playing the asset game. They're not buying because it's a company with certain attributes. They're buying because the price is rising. People are playing games not related to any concept at all of what the long-term value of the enterprise is. And they know it.
looks idiot attractive
If stocks are attractive and you don't buy, you don't just look like an idiot, you are an idiot.
economics theory used
There is no single theory that is used in economics that considers the finite nature of resources. Its shocking.
broken remember exception
Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.
kings junk
The stock market is overpriced. Everything is overpriced. Junk is king.
closing family farming owns
The only investable idea I have real confidence in is farming and forestry. My family owns some forest, and now we're closing on a farm. Make the farming more sustainable and the forestry more sustainable, and everyone benefits.
came finite great price resources
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.