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Modern agriculture has been accurately described as a way of turning oil into food. As the price of oil continues to rise, so will the price of food.

Jeremy Grantham

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Jeremy Grantham
Age: 86
Born: 1938
Born: October 6
Investor
Manager
Herts
Robert Jeremy Goltho Grantham
Rise
Food
Accurately
Modern
Described
Way
Agriculture
Continues
Oil
Turning
Price

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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.
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There is no single theory that is used in economics that considers the finite nature of resources. It's shocking.
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We live on a finite planet. We have finite resources, and we're running out of good, arable land.
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There is a lot of pain still to be had in the equity markets, particularly aimed at the risky end of the spectrum. We think the fair value on the market is about a third lower in the U.S. . .
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I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description.
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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.
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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.
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I think I'm right-brained, incapable of managing my way out of a brown paper bag.
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The pure administration of Graham-and-Doddery really needs a long-term lock-up like Warren Buffett has, or it will have occasional quite dreadful client problems.
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Battering down solar cells on the roofs of Wal-Marts in California. I think that will be some of the highest-return investments that anyone ever makes.
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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.
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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.
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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.
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Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.
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It is better to be lucky than good, but of course appropriate to aspire to both.
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