Jeremy Grantham: Lessons from 60 Legendary Years of Investing
About this episode
Jeremy Grantham discusses key insights from his investment career and new book, focusing on market inefficiencies and the conditions leading to market bubbles.
Jeremy Grantham is one of the greatest investors of all time, and is famous for correctly identifying the four major stock market bubbles of his 60 year investment career. He joins Wilf to discuss the key ideas of his new book The Making of a Perma Bear: The Perils of Long-Term Investing in a Short-Term World and what they mean for investors today. Jeremy and Wilf explore the factors that drove him to admire value stocks; what makes for good idea generation and decision making when it comes to investing; and the factors he identified that academics missed. In particular they explore why quality stocks and momentum remain persistent – and often misunderstood – market inefficiencies, and why this created the opportunity for the extraordinary outperformance he delivered at the firm he founded – GMO (Grantham, Mayo, & van Otterloo). But they also discuss why value is the ultimate gravitational market force that delivers performance over the long term. Looking at today’s environment, Grantham assesses the Iran War’s impact on oil prices, AI, meme stocks and the “Magnificent Seven”, drawing parallels with 1970s, 1999, 2007 and the post-Covid boom. He sets out the conditions he…
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