Quotes by Jeremy Grantham - Page 2

Low-cost, high-grade coal, oil and natural gas - the backbone of the Industrial Revolution - will be a distant memory by 2050. Much higher-cost remnants will still be available, but they will not be able to drive our growth, our population and, most critically, our food supply as before.
Jeremy Grantham / Investor
Available
Backbone
Coal
Food Supply
Gas
Growth
Industrial Revolution
Natural Gas
Oil
Population
Revolution
Drive
Critically
Distant
Industrial
Low-Cost
Memory
Supply
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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 / Investor
Optimistic
Believe
Thinking
Years
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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.
Jeremy Grantham / Investor
Good News
Hostility
Involved
News
Proportion
Significant
Good People Will
Accept
Believing
Hear
Oppose
Psychologically
Reflex
Reply
Saying
Themselves
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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.
Jeremy Grantham / Investor
Demand
Fiscal Responsibility
Tendencies
Workers
History Good Look
Clearly
Democrats
Republicans
Fiscal
Market
Speaks
Stock
Stock Market
Tends
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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 / Investor
Air
Animal
Bubbles
Credit
Economic
Fundamentals
Growth
Investment
Pleasant
Variables
Years
Cheap
Extremely
Favorable
Global
Importantly
Least
Materialize
Spirits
Thin
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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 / Investor
Ideas
Long
Playing Games
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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 / Investor
Clients
Intelligent
Reality
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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 / Investor
Believe
Country
Strong
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...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 / Investor
Moving
Numbers
Regret
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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 / Investor
Gold
Islands
Rocks
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Jeremy Grantham Quotes - Page 2

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