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Just Desserts and Markets Being Silly Again
My long time readers are familiar with Jeremy Grantham of GMO as I quote him a lot. He is one of the more brilliant and talented value managers (and I should mention very successful on behalf of his clients). He writes a quarterly letter which I regard as a must read. I have excerpted parts of his recent letter, where the chief investment strategist really takes the current financial system follies to task. Typical of his great writing and thinking is the quote from this week’s Outside the Box selection:
6Nov2009 | Outside the Box | 1 comment | Continued"I can imagine the company representatives on the Titanic II design committee…
Why Buffett, Grantham, and China Are All Buying
Looking back, the signs of a market tops and bottoms are so obvious. Hindsight is 20/20 and all that. When you’re in the middle of it all though, it’s not nearly as easy to see.
During the peak over the past couple of years a lot of records were made.
For instance, CEOs booking eight and nine figure paydays. The average bonus at Goldman Sachs passing $600,000. Thousands of part-time real estate flippers getting rich a bit too easily.
There were lots of them.
But a lot of that money was spent – err – squandered. It wasn’t saved. The smart money was saving.…
19Feb2009 | Q1 Publishing | 0 comments | ContinuedHistory Shows It’s Time To Buy
The market can be frustrating. Just a few weeks ago it looked like the markets were about to reach lows we haven’t seen since the early 90’s.
The commodity bubble was bursting, hedge funds were imploding, and it seemed like the selling would never stop. To add fuel to the fire, unemployment was getting worse, consumers started saving again (seemingly all at the same time, which isn’t very helpful), and practically every week another bank failed.
It was disastrous. The government was handing out cash to banks and guaranteeing private companies’ commercial paper while putting trillions of dollars it doesn’t have at…
9Dec2008 | Q1 Publishing | 0 comments | ContinuedA Legend Speaks
“History is a guide to navigation in perilous times. History is who we are and why we are the way we are.” – David Mccullough, Historian and Author
You won’t see him on TV or writing an editorial piece for a major newspaper. Most retail investors have never heard of him, but he has one of the best long-term track records of any investment manager in the world.
His investment style is based completely on history. He lives and breathes the “It’s never different this time” ideology that’s necessary for success as a long-term investor.
Even to the detriment of his own firm and career,…
1Dec2008 | Q1 Publishing | 0 comments | Continued
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