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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

More quotes by Jeremy Grantham

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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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Equities are boring bonds are disgusting.
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I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.
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You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?
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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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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.
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The stock market is overpriced. Everything is overpriced. Junk is king.
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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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Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.
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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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The language it's too late is very unsuitable for most environmental issues. It's too late for the dodo and for people who've starved to death already, but it's not too late to prevent an even bigger crisis. The sooner we act on the environment, the better.
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Some societies are also more optimistic than others: the U.S. and Australia are my two picks Tell a European you think there’s a housing bubble and you’ll have a reasonable discussion. Tell an Australian and you’ll have World War III. Been there, done that!
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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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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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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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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
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Capitalism believes that its remit is exclusively to make maximum short-term profits.
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The world is using up its natural resources at an alarming rate, and this has caused a permanent shift in their value. We all need to adjust our behavior to this new environment. It would help if we did it quickly.
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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.
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