Jeremy Grantham Quotes

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• Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.

  Jeremy Grantham

  Broken, Remember, Exception

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• You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.

  Jeremy Grantham

  Risk, Buying, Investing

  "A little perspective, please". Interview with Janice Revell and Joe Light, money.cnn.com. October 10, 2008.

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• 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.

  Jeremy Grantham

  Ideas, Playing Games, Long

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• The individual is far better-positioned to wait patiently for the right pitch while paying no regard to what others are doing, which is almost impossible for professionals.

  Jeremy Grantham

  Waiting, Impossible, Individual

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• I believe the only things that really matter in investing are the bubbles and the busts

  Jeremy Grantham

  Believe, Investing, Matter

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• Market timing, by the way, is a tag some buy-and-hold investors use to put down anything that involves using your brain. These are the same people who like to watch the locomotive coming and get run down in the name of discipline.

  Jeremy Grantham

  Running, Using Your Brain, Names

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• Investment bubbles and high animal spirits do not materialize out of thin air. They need extremely favorable economic fundamentals together with free and easy, cheap credit, and they need it for at least two or three years. Importantly, they also need serial pleasant surprises in such critical variables as global GNP growth.

  Jeremy Grantham

  Animal, Air, Years

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• Although value is a weak force in any single year, it becomes a monster over several years. Like gravity, it slowly wears down the opposition.

  Jeremy Grantham

  Years, Monsters, Weak

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• The investment business has taught me – increasingly as the years have passed – that people, especially investors (and, I believe, Americans), prefer good news and wishful thinking to bad news; and that there are always vested interests to offer facile, optimistic alternatives to the bad news.

  Jeremy Grantham

  Believe, Optimistic, Thinking

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• I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.

  Jeremy Grantham

  Financial, Financial Markets, Extremes

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• If stocks are attractive and you don't buy, you don't just look like an idiot, you are an idiot.

  Jeremy Grantham

  Looks, Idiot, Attractive

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• 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.

  Jeremy Grantham

  Islands, Rocks, Gold

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• 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

  Intelligent, Reality, Clients

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• There is no single theory that is used in economics that considers the finite nature of resources. It's shocking.

  Jeremy Grantham

  Economics, Theory, Used

  "Jeremy Grantham on how to feed the world and why he invests in oil". Interview with Leo Hickman, www.theguardian.com. April 16, 2013.

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• Volatility is a symptom that people have no idea of the underlying value.

  Jeremy Grantham

  Ideas, People, Investing

  "Henry Blodget Debates Jeremy Grantham". Interview with James M. Clash, www.forbes.com. June 12, 2000.

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• 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

  Hate, Work Out, Gold

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• 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

  Powerful, Data, Challenges

  "Jeremy Grantham on population growth, China and climate sceptics" by Leo Hickman, www.theguardian.com. April 15, 2013.

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• Capitalism believes that its remit is exclusively to make maximum short-term profits.

  Jeremy Grantham

  Believe, Profit, Term

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• Americans are just about the worst at dealing with long-term problems, down there with Uzbekistan, but they respond to a market signal better than almost anyone. They roll the dice bigger and quicker than most.

  Jeremy Grantham

  Uzbekistan, Long, Dice

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• 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

  Country, Strong, Believe

  Interview with Maria Bartiromo, www.cnbc.com. November 11, 2010.

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• Profit margins are probably the most mean-reverting series in finance, and if profit margins do not mean-revert, then something has gone badly wrong with capitalism. If high profits do not attract competition, there is something wrong with the system and it is not functioning properly.

  Jeremy Grantham

  Mean, Competition, Gone

  "Warren Buffett And Jeremy Grantham Are Right About Profit Margins" by Baijnath Ramraika and Prashant Trivedi, www.advisorperspectives.com. November 11, 2014.

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• It is better to be lucky than good, but of course appropriate to aspire to both.

  Jeremy Grantham

  Lucky, Courses, Aspire

  "BLACKROCK: 'Investors Should Buckle Up For More Volatility Ahead'" by Mamta Badkar, www.businessinsider.com. July 21, 2014.

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• 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, Men, Bears

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• The stock market is overpriced. Everything is overpriced. Junk is king.

  Jeremy Grantham

  Kings, Junk

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• We live on a finite planet. We have finite resources, and we're running out of good, arable land.

  Jeremy Grantham

  Running, Land, Resources

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